At the same time, the Fed’s favourite inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, expanded as expected, at 3.7% in June, down from May 4.1% jump. The Fed’s decision was widely expected by investors, but having three dissenters suggested that the board is tilted more hawkish than expected. Greene said that some second-round inflation effects could potentially emerge, while Mann suggested that rates should be above the current level. Huw Pill, the BoE Chief Economist, added that risks are tilted to the upside, growing concerned about lasting catch-up effects in wage and price-setting. He added that he received information indicating that the upside risks for food inflation are lower than expected.