The personal consumption expenditures (PCE) index showed that consumer prices rose 0.3% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.4% – down slightly from the 2.6% reading recorded the previous month.
Speculation has been swirling around the Fed as experts are trying to pinpoint when the country’s central bank will eventually start cutting rates.
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“I think if you’re sitting on the committee and the economy looks like it’s been rebounding here some and inflation seems to be coming down, but maybe not as fast as you thought. Why do anything? Why not just sit where you are?,” Bullard told FOX Business’ Neil Cavuto.
The Bear Traps Report founder Larry McDonald reacts to January’s PCE report and its impact on the Federal Reserve’s highly monitored rate decision.
He went on to add that as inflation comes down, the Fed will “have to get to a lower value of the policy rate.”
“But exactly when the committee will get to that is what everyone’s arguing about,” Bullard stressed.
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FOX Business’ Megan Henney contributed to this report
