"Fed's Preferred Inflation Gauge Hits Target For First Time In 5 Years"

Equities not enthused by the news, instead following the rest of the world lower.
S&P off 3 points, DJIA down 41.

Lifted in toto from ZeroHedge:

Is this why the 'data dependent' Fed is suddenly so keen to hike rates?

For the first time since April 2012, The Fed's preferred inflation indicator - the so-called Personal Consumption Expenditure Deflator - has topped 2% (The Fed's mandated goal).

So unless The Dow drops by more than 3%, The Fed will keep hiking based on this 'data', no matter what the rest of the economy is doing.