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Market Jitters: Inflation Persists, Consumers Keep Spending

U.S. markets ended the week lower despite a Friday bounce, as the Fed’s preferred inflation gauge—the PCE Price Index—rose for a fourth straight month, holding above the 2% target at 2.7% annually. Core PCE stayed steady at 2.9%, leaving the Fed balancing sticky inflation against softening growth and labor markets. Meanwhile, consumer spending climbed 0.6% in August, driven mostly by wealthier households, though spending continues to outpace income and raises sustainability concerns. Sector performance was mixed: energy and utilities outperformed on oil gains and power demand expectations, while staples and healthcare lagged. Gold surged to its most overbought level since 1980, underscoring investor caution. Overall, the economy shows resilience, but questions linger over how long it can last.