Fed's Powell: Total core PCE inflation in December probably rose 3%

NEW YORK, Jan 28 (Reuters) - Federal Reserve Chair Jerome Powell said inflation in December was likely still well above the central bank’s 2% target.

Speaking in his press conference following the Federal Open Market Committee meeting, Powell said the core personal consumption expenditures index was likely at 3% in the final month of the year, with Powell noting “these elevated readings largely reflect inflation in the goods sector, which has been boosted by the effects of tariffs. In contrast, disinflation appears to be continuing in the services sector.”