Core inflation rose in July to 2.9%, according to the Personal Income and Outlays report from the Bureau of Economic Analysis, the Fed's preferred measure.

The personal consumption expenditures price index was expected to show core inflation at 2.9% and headline inflation at 2.6%.

Core inflation rose in July to 2.9%, according to the Personal Income and Outlays report from the Bureau of Economic Analysis, the Fed's preferred measure.