The November personal consumption expenditures (PCE) index data was released on Friday, which showed a 3.2% increase compared to the same period last year, while the downwardly revised October figure was 3.4%. The market had a subdued reaction, largely because the slowdown in inflation is already "built in" by other inflation measures. However, the data will be well received by the Fed and the market now estimates a 94% probability of a rate cut next March.
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