BOTTOM LINE: The core PCE price index rose 0.25% in August, somewhat below expectations, and the year-over-year rate now stands at 3.01%, well below expectations. The downward revision to year-over-year core PCE growth resulting from the methodological changes was larger than we expected and mostly reflected a larger revision to the portfolio management component. Based on today's inflation report, we now expect 3.0% growth for core PCE on a Q4/Q4 basis, well below the median FOMC participant's forecast of ...