The December update to the price index of core personal consumption expenditures is out.

The core PCE price index rose 0.1% from a month earlier, bringing the year-over-year rate core inflation rate to 1.2% from 1.1%, as expected.

The year-over-year change in the price index of core PCE is the measure of inflation cited by the Federal Reserve in its policy communications.

Given the increased significance inflation has taken on lately in the Fed’s forward guidance on the likely future path of short-term interest rates, some on the Street — like Goldman Sachs chief economist Jan Hatzius and Credit Suisse chief economist Neal Soss — believe inflation reports are the new jobs reports.

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