美国2月核心个人消费支出加速至2.8%，高于预期。美国2月份个人消费支出通胀数据在很大程度上出人意料。总体个人消费支出同比增长0.3%，稳定在2.5%，均符合预期。

US core PCE accelerates to 2.8% in Feb, above expectations.US PCE inflation data for February came in largely in with notable surprises. Headline PCE rose 0.3% mom and held steady at 2.5% yoy, both matched expectations.

美国核心个人消费支出——2月份价格指数（MoM）比预期（0.3%）高出0.4%。美国核心个人消费支出——2月份价格指数（MoM）比预期（0.3%）高出0.4%

United States Core Personal Consumption Expenditures - Price Index (MoM) registered at 0.4% above expectations (0.3%) in February.United States Core Personal Consumption Expenditures - Price Index (MoM) registered at 0.4% above expectations (0.3%) in February

美国核心个人消费支出-2月份价格指数（同比）比预期（2.7%）高出2.8%。美国核心个人消费支出-2月份价格指数（同比）比预期（2.7%）高出2.8%

United States Core Personal Consumption Expenditures - Price Index (YoY) registered at 2.8% above expectations (2.7%) in February.United States Core Personal Consumption Expenditures - Price Index (YoY) registered at 2.8% above expectations (2.7%) in February

预计2025年2月，美国个人消费支出（PCE）价格指数将环比上涨0.3%，与前两个月持平。同样，不包括波动的食品和能源价格的核心个人消费支出指数预计也将增长0.3%，与1月份的数据一致。与去年同期相比，整体个人消费支出通胀率预计将稳定在2.5%，而核心个人消费支出的通胀率可能从2.6%微升至2.7%。在3月份的会议上，美联储将2025年的个人消费支出通胀预测从2.5%上调至2.7%，将2026年的预测从2.1%上调至2.2%，同时将2027年的预测维持在2%。

The US Personal Consumption Expenditures (PCE) price index is expected to have risen by 0.3% month-over-month in February 2025, maintaining the same pace as the previous two months. Similarly, the core PCE index, which excludes volatile food and energy prices, is also projected to increase by 0.3%, in line with January’s reading. On a year-over-year basis, headline PCE inflation is anticipated to hold steady at 2.5%, while core PCE inflation likely inched up to 2.7% from 2.6%. During its March meeting, the Federal Reserve raised its PCE inflation forecast for 2025 to 2.7% from 2.5% and for 2026 to 2.2% from 2.1%, while maintaining the 2027 forecast at 2%.