BlockBeats News, July 30th, Federal Reserve Chair Powell stated that in order to achieve the 2% inflation target, the range of inflation data I refer to is broader than just the PCE data.

PCE data is our reference indicator, and we will continue to adhere to it. It should be noted that the inflation indicator favored by the Federal Reserve—June's core PCE data will be released at 20:30 on Thursday Beijing time. Committee members usually do not "wait for public data to know roughly how much inflation is", but already have estimates based on information available. The FOMC itself relies on these internal analyses for discussions.

The current market expects the core PCE to rise by 3.30% year-on-year, lower than the previous value of 3.40%. If the data falls back and is lower than expected, it will reduce the urgency for the Fed to raise interest rates to control inflation. If the data exceeds expectations, it will strengthen the expectation of future rate hikes. (FXStreet)