On the evening of September 26th, Beijing time, data released by the U.S. Department of Commerce's Bureau of Economic Analysis showed that the U.S. August Personal Consumption Expenditures (PCE) price index increased by 2.7% year-on-year, meeting expectations, with the previous value being 2.6%; it increased by 0.3% month-on-month, also in line with market expectations.

The U.S. August core PCE price index (excluding food and energy) increased by 2.9% year-on-year, meeting expectations, with the previous value being 2.9%; it increased by 0.2% month-on-month, also meeting expectations, unchanged from July.

The report showed that U.S. real consumer spending increased by 0.4% in August, higher than the market expectation of 0.2%. This strong performance provides solid support for economic growth in the current quarter, continuing the momentum of better-than-expected growth in the previous quarter.

U.S. August personal consumption expenditures exceeded expectations, while underlying inflation pressures remained stable, highlighting the resilience of U.S. consumption.

From the perspective of expenditure structure, the consumption growth in August was mainly driven by goods consumption. Data showed that goods spending climbed by 0.7% month-on-month, reflecting consumers' continued strong willingness to purchase non-essential items such as furniture, clothing, and recreational goods.

In contrast, the growth pace of service spending was more moderate. There are signs that, although tariffs may have pushed up prices for some goods, consumers, especially high-income groups, continue to spend.

The data also showed that U.S. personal income increased by 0.4% month-on-month in August, higher than the expected 0.3%; personal spending increased by 0.6% month-on-month, also higher than the expected 0.5%.

After the release of the above data, traders increased their bets on expectations of a Fed rate cut. According to CME's "FedWatch Tool," as of 06:30 Beijing time on September 27th, the probability of the Fed keeping interest rates unchanged in October was 10.2%, while the probability of a 25-basis-point cut rose to 89.8%; the probability of the Fed keeping rates unchanged in December was 2.8%, the probability of a cumulative 25-basis-point cut was 32.1%, and the probability of a cumulative 50-basis-point cut was 65.1%.

An analyst said, "After the U.S. stock market correction, this data can bring观望 buyers back into the market; no bad news is good news."

Art Hogan, an analyst at B.Riley Wealth, said the PCE inflation report held no surprises and the Fed will be able to continue cutting rates as planned. This data "allows the Fed to continue focusing on its full employment goal, thereby providing room for interest rate normalization." The U.S. September employment report will be released next Friday.