After falling for months, YoY PCE ticked higher in July: 3.3% versus 3.0% in June. Excluding food and energy, the print was 4.2% versus 4.1% in June.
The data pared some of the overnight ramp, with futures easing lower as we approach the opening bell.
In other economic news, personal spending (0.8% MoM) rose faster than expected while income (0.2% MoM) grew slower than expected – not an optimal combination when trying to avoid a recession.
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