() – U.S. stock index futures pared some declines on Friday after a cooler-than-expected inflation reading calmed some investor concerns over fewer rate cuts next year.

A Commerce Department report showed the Personal Expenditure (PCE) index, the Fed’s preferred inflation measure, rose 2.4% in November on an annual basis, compared with estimates of 2.5%, as per economists polled by . On a monthly basis, it rose 0.1%.

Excluding volatile food and energy components, the core PCE rose 2.8%, compared with estimates of 2.9%. It rose 0.1% on a monthly basis.

At 8:32 a.m. ET, Dow E-minis were down 116 points, or 0.27%, E-minis were down 31 points, or 0.52% and E-minis were down 192.5 points, or 0.9%.