The PCE price index was up 0.1% in November and 2.4% from a year earlier. Economists expected a 0.2% monthly rise and 2.5% annual gain.

The personal consumption expenditures (PCE) price index rose a less-than-expected 0.1% in November, marking a cooler inflation picture than October's unrevised 0.2% gain, and, combined with solid but disappointing consumer spending,

It is important to note that real-time inflation as measured by PCE-R is already below the Fed’s target.