PCE came in hotter than expected, falling squarely into the category of “good news is bad news.”
Core prices rose 0.4% MoM and 2.8% YoY, while personal spending fell short of expectations at 0.4% versus 0.6% and personal income far exceeded consensus at 0.8% versus 0.4%. Anyone expecting the Fed to cut rates anytime soon will be disappointed with these data.
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