July PCE inflation index held at 3.7% annual pace, slightly hotter than expected

TL;DR

July's PCE inflation held steady at a 3.7% annual pace, exceeding economists' predictions.
Core PCE, excluding food and energy, also rose slightly higher than expected.
Global conflicts, like the war in Iran, are contributing to higher oil and gas prices, impacting consumer budgets.
Consumer spending on goods decreased, while spending on services increased.
The U.S. economy expanded at a 1.5% rate in the second quarter.
Stubborn inflation presents a challenge for the Federal Reserve's interest rate decisions.
Investors are anticipating Fed Chair Kevin Warsh's speech for clues on future monetary policy.

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