Futures are up slightly ahead of the PCE report – the Fed’s preferred measure of inflation.As we like to remind everyone, important government-generated economic data all come with an asterisk ever since Trump abruptly fired the head of the BLS after an employment report he didn’t like. The chilling effect will no doubt affect many government employees responsible for generating economic data.

I have no idea re the politics or backbone quotient of BEA director Vipin Arora. But, he reports to Trump sycophant Howard Lutnick, so take these and all future data with a huge grain of salt.

continued for members…

PCE just came in at 2.7%, but 2.9% for core. Personal income rose 0.4% MoM, while personal consumption expenditures grew 0.6%. Both were 0.1% above expectations.

VIX and VX are both off slightly, as is usually the case immediately after important economic prints.

Currencies are retracing some of yesterday’s moves, resulting in a slightly decline in the DXY.

But, CL and RB are slightly higher.

The net results of the data and the market’s interpretation: yawn.