Data released moments ago by the US Bureau of Economic Analysis showed that US personal income rose by $221.9 billion in January, up 0.9% from 0.4% in December, while the US Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE), fell by 0.2% to $30.7 billion from November’s reading of 0.8%.

The closely watched index, which excludes food and energy prices, rose by 0.3% on a monthly basis in January, up from 0.2% in December, matching expectations, and rose to 2.5% on a yearly basis, compared to 2.6% in December, missing expectations of a 2.8% increase.