Bank of Montreal analyst: Inflation cooling exceeds expectations

Analysts at the Bank of Montreal pointed out that the annual benchmark revision by the U.S. Bureau of Economic Analysis shows that the Federal Reserve's preferred inflation indicator was revised down more than expected. The core PCE in August rose less than expected, with a year-on-year growth rate slowing to 3%, below the market expectation of 3.3%. Analysts believe this alleviates the urgency for another rate hike in October.