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Core PCE climbed 0.3% on the month and 3.2% year over year, the Fed’s key policy gauge.
The Fed’s preferred inflation gauge rose 0.7% in March and 3.5% from a year earlier, the biggest annual gain in nearly three years.
Core PCE held at 3.2% year over year and rose 0.3% in March, leaving inflation far above the Fed's 2% target.