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Key inflation indicator up 3.5% year over year in June vs. 3.6% estimate 

An inflation indicator that the Federal reserve uses as its key guide rose 3.5% in June, a sharp acceleration that was nonetheless right around Wall Street expectations.

The personal consumption expenditures price index excluding food and energy was expected to increase 3.6% at a time when the U.S. economy has seen higher inflation pressures than it has seen in more than a decade.

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