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.

continued for members...

We’re pretty much where we left off yesterday: a flag pattern that has yet to break down. Once it does, I’m pretty fond of the target at SPX 5337 on Apr 2.

Currency pairs are mostly unchanged. While RB’s breakout is hard to ignore.

continuing…