Data released moments ago by the U.S. Bureau of Economic Analysis showed a decline in U.S. personal income of $18.2 billion in February, a 0.1% decrease compared to a 0.4% increase in January, falling short of expectations. Meanwhile, the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose by 0.5% to $103.2 billion, compared to a 0.3% increase in January. The index is up 2.8% year-over-year.

The core PCE price index, which excludes food and energy prices and is closely monitored by the Federal Reserve, rose by 0.4% in February, matching January’s reading. It climbed to 3% year-over-year, compared to 3.1% in January, exceeding expectations.