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PCE Inflation Data, Falling Oil Prices Calm Fed Fears (Live Coverage)

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The Federal Reserve's primary inflation gauge, the core PCE price index, showed the 12-month inflation rate hitting its highest level since October 2023. Here's why markets don't hate the data: A big chunk of the monthly rise in core prices came from portfolio management services, whose prices jumped because the S&P 500 enjoyed a big rally. With the inflation data looking better below the surface, the S&P 500 rose strongly at the open, fueled by Micron Technology and its booming earnings and outlook.