CoinMeta data: The Federal Reserve's favored personal consumption expenditure ( PCE ) index rose 0.3% month-on-month and 3.4% year-on-year in August, both below economists' expectations. The core PCE (excluding food and energy prices) rose 0.2% month-on-month and 3% year-on-year, also falling short of expectations. Federal Reserve policymakers are focused on the headline data of PCE in an attempt to bring inflation rates back to their long-term target of 2%. Although the PCE report for August indicated a slowdown in inflation trends, it is still not close to the target.