According to CoinMeta, the inflation indicator that the Federal Reserve is most concerned about rose in July. With the release of data from CPI and PPI, Americans began to increase their savings. It is not expected that there will be many surprises in the PCE data for July; the headline price index is expected to rise only by 0.1% month-on-month. The core PCE (an indicator of changes in consumer goods and services prices excluding food and energy prices) rose by 0.2% month-on-month and 3.3% year-on-year. Service costs continue to dominate the inflation situation, with the headline PCE rising by 0.2% month-on-month, higher than the expected 0.1%. Higher prices are accompanied by higher spending (up 0.2% month-on-month) and income growth (up 0.4% month-on-month), both of which are stronger than expected. Tradestation's global head of market strategy, David Russell, stated: "The economy is still strong, inflation has not declined, and the committee has room to tighten policy without causing a recession."