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Thank PCE for 'Measured' Rise in Interest Rates: A wonkish acronym no more, the PCE has...

Most Americans would agree that Federal Reserve Chairman Alan Greenspan has been a worthy steward of monetary policy since he assumed the helm in 1987. Aside from steering the country through the stock market crash of 1987, the Internet bubble and two recessions, U.S. citizens can also be thankful for the chairman's popularizing of a once wonkish economic metric known as the personal-consumption expenditure index (PCE).

Mention of the PCE in the press is still often followed by a subordinate clause stating that it's the good chairman's favorite measurement of inflation

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