On Friday local time, the Bureau of Economic Analysis of the US Department of Commerce released the PCE price index for December, with market expectations for a further slowdown in December and a probability of less than 50% of Fed rate cuts in March. As the most favored inflation indicator by the Federal Reserve, the 2.9% core PCE price index has a slightly better than expected annual rate, enhancing the prospect that central bank governors around the world may soon start cutting interest rates.