PCE came in as expected, 0.1% MoM for headline and 0.2% for core. Personal income and spending, however, showed a slowdown. Income was 0.2% versus 0.4% expected and prior, and personal spending was 0.3% versus 0.4% expected and prior.
The mixed picture took a little steam off the futures, which had been up as much as 50 points overnight. Still, ES managed to hold important support as we approach the open.
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