US PCE Inflation Surprises with Higher-than-Expected Reading

The US economy showed resilience in July as headline PCE inflation came in at 3.7% y/y, slightly above expectations and unchanged from the previous month.

This reading is significant as it has implications for monetary policy, particularly with the Jackson Hole conference underway where Fed Chairman Jerome Powell's speech on Friday will be closely watched for any hints about future interest rate decisions.

In other economic news, Norwegian GDP growth ended at 0.3% in Q2, lower than trend growth but not indicating a recession yet.