Summary: US Fed’s favoured inflation measure up in February; in line with market expectations; annual rate unchanged; long-term Treasury bond yields up. One of the US Fed’s favoured measures of inflation is the change in the core personal consumption expenditures (PCE) price index. After hitting the Fed’s target at the time of 2.0% in mid-2018, the annual rate then hovered in a range between 1.8% and 2.0% before it...