U.S. Inflation Cooled to 3.4% in August, Below Forecast

U.S. inflation cooled to 3.4% in August from a year earlier, below the 3.7% Reuters forecast, the BEA said September 30. PCE is the Fed's preferred price measure. Stocks rose as traders cut October Fed rate-hike odds to about 35% from 45%, per LSEG. After September's hike to 3.75%-4.00%, cooler data may shape a pause.