Wall Street was broadly flat in Thursday midday trading in New York, with the S&P 500 Index attempting to mark its fifth consecutive day of gains as an inline PCE inflation report dispelled expectations of an impending Fed rate hike.
The core PCE price index, the Fed’s preferred inflation gauge, came in at 4.2% year on year in July, slightly higher than June’s 4.1% but in line with expectations. The headline PCE price index increased from 3% to 3.3% year on year, matching estimates.
