The Personal Consumption Expenditures (PCE) index — the Federal Reserve's preferred inflation gauge — came broadly in line with economist expectations, seeing prices rise by 0.2% month-over-month and 2.1% annually.

Core PCE — which excludes inflation from food and energy prices — rose 0.3% from the month prior, roughly in line with previous forecasts, while rising 2.7% year-over-year, above the 2.6% expected.

Yahoo Finance Fed Reporter Jennifer Schonberger joins Catalysts to outline what the fresh data signals about the US economy ahead of the October jobs report due out this Friday and the US central bank's November policy meeting next week.

To watch more expert insights and analysis on the latest market action, check out more Catalysts here.

This post was written by Naomi Buchanan and updated by Luke Carberry Mogan.