Inflation Subsides

Futures are up modestly following the Feb PCE print: 0.3% monthly vs 0.4% expected and 5.0% annual versus 5.1% expected. Core came in at 0.3% and 4.6%.

In addition to inflation continuing to fall, the spread between headline and core continues to fall, reflecting an ongoing convergence.

Will it hold up next month, when the YoY gas price delta plunges to -19%, the lowest since Nov 2020 when CPI stood at 1.17%?

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