The Fed's favorite indicator for tracking inflation showed in October that inflationary pressures continue to moderate.

The annual PCE inflation rate cooled to 3%, a level not seen since March 2021, from 3.4% in the previous three months, and matching forecasts.

Meanwhile, annual core personal consumption spending inflation, which excludes food and energy, slowed to 3.5% from 3.7%, a new low since mid-2021.

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