The July PCE reading
The PCE index is the central bank's go-to measure for price pressures, and this report came in a tick above the previous month. That's not what the Fed wants to see as it works to bring inflation back to its 2% target. It's not a dramatic jump, but it's enough to keep policymakers cautious and push any discussion of rate cuts further down the calendar.
How markets took it
Equities barely moved after the release, suggesting the numbers weren't a surprise. Bitcoin and gold, though, both slipped. Gold is a classic inflation hedge, so its decline alongside bitcoin — an asset sometimes described in those same terms — hints that investors aren't reaching for protection. The more likely driver is the prospect of
