Focus remains on the personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, as Oxford Economics projects the July headline PCE reading rose 3.6% from a year earlier, down from 3.7% in June. The July report is due later this month. That update adds to earlier expectations from Goldman Sachs that July core PCE would rise 0.23% month on month, with the bank saying methodology changes could make PCE readings more volatile and lower annual core inflation. Goldman also said portfolio management fees could add 8 basis points to the reading, reflecting second-quarter stock market gains, and expects core inflation in August to be close to 0.2%. Oxford Economics said slower services inflation and limited signs of labor-market overheating support its view that the Federal Reserve will keep its benchmark interest rate unchanged for the rest of the year.