Summary: US core PCE price index up 0.6% in January, greater than expected; annual rate accelerates from 4.6% to 4.7%; US economy starts year stronger than previously expected; Treasury yields higher; Fed rate-rise expectations harden. 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...