A global stock index edged higher, while Wall Street indexes slipped after the U.S. Federal Reserve’s favored inflation reading showed moderating prices in line with expectations for December. Treasury yields rose, suggesting the Fed may engineer a soft landing for the U.S. economy. The personal consumption expenditures (PCE) price index increased 0.2% last month, with the 12-month PCE price index at 2.6%. Pending U.S. home sales surged in December, indicating potential buyers are drawn by stabilizing mortgage rates.

The MSCI world equity index, tracking shares in 49 nations, gained 0.14%, reaching its highest level in almost two years. On Wall Street, the Dow Jones Industrial Average rose 0.23%, the S&P 500 was up 0.08%, and the Nasdaq Composite dipped 0.05%. Europe’s equity index rose 1.05%, heading for a 3% weekly gain, the largest since October.

The dollar index, tracking the greenback against major currencies, was down 0.12%. The dollar rose 0.31% against the yen but the euro was up 0.1% at $1.0856. In Treasuries, the yield on the 10-year note rose to 4.1624%, and the two-year yield touched 4.3551%. Oil prices were set for a second straight weekly gain, with U.S. crude up to $77.46 a barrel, and Brent crude at $82.62 per barrel.

In Asia, MSCI’s index of Asia-Pacific shares excluding Japan closed down 0.4%, snapping a three-week losing streak for a 1.6% weekly rise. China’s CSI blue-chip index dipped 0.3% on Friday but scored a nearly 2% weekly gain after three weeks of losses. Investors poured almost $12 billion into Chinese equity funds in the week to Wednesday, marking the largest inflow since 2015 and the second-largest ever.