The core index that omits energy and food costs also rose by 0.3% in June, but the annual rate ticked up to 2.8% from 2.7% and slightly above forecasts. Personal spending rose by 0.3%, below the 0.4% forecast but still suggesting consumers are willing to continue shopping.

The Federal Reserve's decision to avoid signaling imminent rate cuts despite relentless political pressure underscores its prevailing caution and has forced investors to dial back expectations for an easing at the next policy meeting.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

The Federal Reserve's preferred inflation measure, the personal-consumption expenditures price index, for June is out. Here's what to know: In the 12 months through June, the PCE index rose by 2.6%. That was slightly faster than the 2.

Prices for goods rose in June as businesses passed the cost of tariffs on to customers, according to the Federal Reserve's preferred measure of inflation.

The price index was the latest indication that President Trump’s tariffs are beginning to show up in consumer prices.

Wall Street was set for a steady open on Wednesday, as investors assessed better-than-expected GDP data, and awaited the Federal Reserve's policy decision and key tech earnings.