"Inflation Gauge Rises as Stock Market Updates for February 29 Show Elevated Prices"

The Federal Reserve's key inflation measure, the personal consumption expenditures price index, rose 0.4% in January, in line with expectations, and increased 2.8% from a year ago. The report also showed an unexpected jump in personal income and a decrease in spending. Both the headline and core measures of inflation remain ahead of the Fed's 2% annual inflation goal, prompting uncertainty about the future of monetary policy and the possibility of a rate cut. Additionally, a Labor Department report indicated that companies are still reluctant to lay off workers, with initial jobless claims totaling 215,000 for the week ended Feb. 24.