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Data released today showed that the personal consumption expenditures price index (PCE) increased by 2.5% year-on-year in February from 2.4% in the previous month. The figure, which excludes volatile food and energy prices, rose 0.3% month-on-month, with Powell saying last week that the figure would be "well below" 0.3%, in line with the Fed's expectation that inflation will continue to slow toward the 2% target.