July PCE was in line with expectations: 0.2% MoM for headline and core, 2.5% YoY (2.6% excluding food and energy.) Personal income beat at 0.3% versus 0.2% and personal spending beat at 0.5% versus 0.3%.
The print does nothing to disturb expectations of a 25 bps rate cut in September. Futures are up modestly, leaving ES at our targeted price even though a 50-DMA backtest never quite materialized.
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