Core PCE looking good.

Core PCE came in exactly at the Fed's target of 2% in July (annualized).

Headline PCE came in at 1.9% in July (annualized).

Core PCE is generally what the Fed looks at in terms of its medium term inflation target.

No surprises here. The Fed is expected to cut rates next month. I think whether it is a 25 or 50 basis point cut will depend on what the next jobs report says.