FED'S FAVORITE MEASURE OF INFLATION FALLS
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REUTERS/Jason Reed
U.S. Federal Reserve Chairman Janet Yellen carries her own bags to a group photo of the Central Bank Governors and Finance Ministers of G20 countries near the Sydney Opera House and Sydney Harbour Bridge, February 22, 2014.
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The deflator rose 0.1% from the previous month in January, bringing the year-over-year change in the core PCE deflator to 1.1% from December's 1.2% reading, as expected.
The core PCE deflator is the measure of inflation that the Federal Reserve cites in its communications, and is thus closely followed by Fed watchers.
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