The Commerce Department's delayed November PCE inflation report showed that inflation remained well above the Federal Reserve's 2% target rate.

Earlier delayed data indicated inflation cooled in the month.

While another stress area for Jerome Powell—the labor market—has visibly eased a bit of stress, as the US Department of Labor reported that initial jobless claims rose slightly to 200,000 in the week ended January 17, well below economists’ expectations of 210,000. The data indicate that layoffs remain limited and hiring continues at a steady pace.

A key inflation reading took a little wind out of the stock market's sails, but only a little as the major indexes remained meaningfully higher in morning trading. The core Personal Consumption Expenditures (PCE) index,

We're finally about to learn how much consumer prices rose back in November, according to the Federal Reserve's favorite measure of inflation.

The Core Personal Consumption Expenditure (PCE) Price Index, a key indicator of changes in consumer purchasing trends and inflation, has held steady in its latest reading. The actual figure came in at 0.2%, aligning perfectly with both the forecasted and previous numbers.

A delayed reading on the Federal Reserve’s preferred inflation gauge released Thursday keeps the central bank on course to hold interest rates steady next week.