The Personal Consumption Expenditures (PCE) Price Index, a Key Inflation Gauge Watched by the Fed, Rose 3.8% in July From a Year Earlier

Federal Reserve Chair Kevin Warsh signaled on Friday that the U.S. central bank could take additional action if needed, expressing concern over recent price increases in the world's largest economy. Speaking at the Jackson Hole Economic Symposium in Wyoming, Warsh said in his keynote address that he needs to be confident that underlying inflation is moving toward the Fed's target at a clear and sufficient pace. That is our mission, our duty, and our task, he said.

The annual late-August gathering brings together central bank governors from around the world to discuss monetary policy and economic issues. Warsh, attending his first Jackson Hole meeting since taking office in May, described the current inflation indicators as "concerning" from the perspective of price stability, one of the Fed's core responsibilities.