The Federal Reserve's key inflation gauge, the PCE price index, offers hope as the S&P 500 hits turbulence amid Trump tariff threats.

The Federal Reserve's preferred inflation measure cooled slightly in January, according to government data published Friday, although it remained stuck above the bank's long-term target. While inflation has remained stuck above the bank's long-term two percent target,

The Federal Reserve’s preferred inflation gauge cooled as expected in January; however, the good news came with a red flag for the US economic engine: Consumers pulled back their spending by the most in nearly four years.