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The Fed's preferred gauge of inflation rose 2.5% in line with expectations.

And mega mergers are making a comeback.

Is the rebound here to stay?

It's reflective of an improving economic environment,

particularly if you look at the US versus Europe,

for example, and Asia as well to a large degree.

Plus how immigration became a top political issue in New York.

It's Friday March 29th.

I'm Anne Marie Fertoli for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

The Federal Reserve's preferred gauge of inflation came in right on target today.

The Commerce Department said the Personal Consumption Expenditures Price Index, or PCE,

rose 2.5% over the 12 months through February.

Market supporter Charlie Grant says that'll likely keep the feds plans on track.

So this number came in right where economists and bond market professionals expected, it's safe to assume that today's

report was not a major game changer and the Fed is still on track to cut interest rates

three times this year.

It seems like that moment is coming soon,

even though we don't know exactly when just yet.

During a question and answer session at the San Francisco Fed today,

...