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Key Inflation Rate , Hits Lowest Annual Level , in Almost 2 Years. CNBC reports that inflation continued to show signs of cooling in June, in line with Dow Jones estimates. CNBC reports that inflation continued to show signs of cooling in June, in line with Dow Jones estimates. According to the Commerce Department, the personal consumption expenditures (PCE) price index increased just 0.2% from May. . Compared to the same time in 2022, the PCE index rose 4.1%, slightly lower than the 4.2% previously estimated. CNBC reports that the annual rate marks a significant decrease from the 4.6% pace in May. . After the newest PCE index was released, markets reacted positively, with futures inching higher and Treasury yields lower. . Today’s economic releases reaffirm the current market narrative that inflation is cooling and economic growth is continuing, which is a favorable environment for risk assets. , George Mateyo, chief investment officer at Key Private Bank, via CNBC. The Fed and investors will take comfort in these numbers as they suggest that the inflation threat is dissipating and thus the Fed may now be able to go on vacation and assume an extended pause with respect to future interest rate increases, George Mateyo, chief investment officer at Key Private Bank, via CNBC. CNBC reports that the PCE index reflects that prices have begun to ease following 2022’s soaring inflation rates. . The news comes just two days after the Federal Reserve, which closely monitors the PCE index, announced another quarter percentage point interest rate hike. . The news comes just two days after the Federal Reserve, which closely monitors the PCE index, announced another quarter percentage point interest rate hike. . The increase took the central bank’s key borrowing rate to its highest level in over 22 years, reaching 5.25% to 5.5%.