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Fed's favored inflation gauge remained elevated in April

This story about the April 2026 PCE inflation is developing and will be updated with more details.The Federal Reserve's preferred inflation gauge remained stubbornly high in April as consumers continued to face elevated price growth.The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.4% on a monthly basis in April and is up 3.8% from a year ago. The monthly figures were slightly cooler than the 0.5% increase expected by economists polled by LSEG, while the annual figure was in line with expectations.HOW DOES FED CHAIR NOMINEE KEVIN WARSH V...