Technology shares extended the week’s US stocks rally after a key measure of inflation cooled last month, suggesting the Federal Reserve may be close to ending its rate-hiking campaign. Treasuries rose.
Excluding food and energy, the Fed’s preferred inflation gauge — the personal consumption expenditures price index — rose 0.3% in February, slightly below the median estimate. Meanwhile, the PCE price index was up 5% from a year earlier, a deceleration from January but far higher than the Fed’s 2% goal.
