Golden Finance reported that Federal Reserve Chairman Powell warned on Wednesday not to over-interpret data showing the largest month-on-month increase in the Consumer Price Index (CPI) in more than a year, while also admitting that the reading was significantly higher than expected. "The CPI readings are almost higher than all forecasts, but I just want to remind you two points. First, we won't be excited by one or two good readings, nor by one," Powell said in a hearing on the House Financial Services Committee. Two bad readings are thrilled. Second, our inflation target focuses on the personal consumption expenditure (PCE) price index because we think it is a better indicator of inflation. So you need to know how the conversion from CPI to PCE, Tomorrow we will get more relevant data from the Producer Price Index (PPI). Later tomorrow we will know how the PCE readings are."