PCE excluding food and energy. The Federal Reserve's official preferred inflation gauge and the measure it explicitly targets at 2%.
Every FOMC statement references Core PCE. This single number determines whether the Fed hikes, holds, or cuts. It is the most important inflation number for markets.
Above 2% = Fed is behind or on target. Sustained above 3% = hawkish Fed. Falling toward 2% = conditions for rate cuts. This is the number to watch.