Feb 24 (Reuters) - U.S. stock index futures extended
losses on Friday after data showed that personal consumption
expenditure accelerated in January, adding to fears that the
Federal Reserve will keep interest rates higher for longer.
A Commerce Department report showed the Federal Reserve's
preferred inflation gauge, Personal Consumption Expenditure
index (PCE), rose 0.6% in January, on a monthly basis, from a
0.2% rise in the previous month.
Annual PCE rose to 5.4% in January from a 5.3% gain in
December.
Money market participants now see the central bank's
benchmark rate to peak at 5.36% in July and stay near those
levels till the end of the year. At 8:36 a.m. ET, Dow e-minis were down 345 points,
or 1.04%, S&P 500 e-minis were down 48.25 points, or
1.2%, and Nasdaq 100 e-minis were down 195.75 points, or
1.6%.
(Reporting by Johann M Cherian in Bengaluru; Editing by Arun
Koyyur)
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