PCE in Line, Spending Misses

May PCE and core PCE were in line with expectations at 0.1% and 0.3% MoM respectively.  YoY core came in at 4.6%, slightly below expectations of 4.7%. The most notable surprise was MoM personal spending which tumbled from 0.6% to 0.1%.

Futures, already up moderately following VIX’s overnight drop, ramped even higher.

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