Fed spokesperson: The overall PCE inflation rate is expected to be relatively mild in July, with the year-on-year increase remaining at 2.6%.

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On August 18, Nick Timiraos, a Wall Street Journal reporter known as the "Fed's mouthpiece," posted on social media that economists, after converting CPI and PPI data to the PCE indicator, estimate that the core PCE inflation rate for July will be 0.28% (equivalent to an annual rate of 3.4%), which will raise the year-on-year increase to 2.9%. The overall PCE inflation rate is expected to be moderate, with a month-on-month increase of 0.21% and a year-on-year increase maintained at 2.6%.

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