MACRO: U.S. July PCE inflation rises to 3.7%, topping the 3.6% forecast; core PCE steady at 3.3%

U.S. personal consumption expenditures (PCE) inflation rose to 3.7% in July, coming in above the 3.6% market estimate. Core PCE inflation held at 3.3%, matching expectations and marking the second-highest reading since October 2024.