Core PCE Inflation Rate Slides; S&P 500 Futures Rally On Lower Yields, Fed Rate Odds (Live Coverage)

A smaller-than-forecast price increase in August only accounted for a small part of the good inflation news. S&P 500 futures rallied as the 10-year Treasury yield fell amid a growing likelihood that the Fed will skip an October rate hike, but markets eased back somewhat as Wall Street combed through the details. Core PCE inflation is part of the Bureau of Economic Analysis' personal income and outlays report, which showed income up 0.3% on the month, below 0.5% forecasts.