Fed’s inflation gauge jumps again, pressure on Warsh

The Federal Reserve is back under “inflation siege” as its preferred price gauge surges to the highest level in nearly a year, dealing a major blow to market expectations for imminent interest rate cuts, according to the chief executive of a leading financial advisory.

April PCE inflation rose to 3.8%, the highest since May 2023, while core PCE climbed to 3.3%, its strongest reading since October last year....