It makes sense to focus on the Federal Reserve’s favorite inflation gauge in the week ahead. After all, the central bank’s interest rate-setting group meets in three weeks. It is all but certain the committee will raise its short-term borrowing rate for the first time since the COVID-19 pandemic began. The rate hike is expected to be the first of several this year as the agency shifts its focus to fighting inflation. So, the Price Consumption Expenditure data due Friday will shape investor expectations heading into next month’s Fed rate decision. Will the central bankers ease into raising rate…