As anyone on a budget could tell you, the headline of this post is hardly news. Income isn’t keeping up with expenses, and isn’t likely to any time soon.
The Fed might prefer PCE over CPI because it ignores food and gas prices. But, it’s those very categories which are making it difficult for the average family to make ends meet.
Futures were already off by 1.25% before the data hit the wires. Our analog, still on track, suggests the decline is going to accelerate in the coming weeks.
continued for members… 
The EURUSD is unraveling as expected, and the USDJPY isn’t able to undo the damage.
GC stands a good chance of breaking down…
…while SI already has.
Poor bitcoin is headed south for the summer.
Oil and gas are both off, with RB down sharply…
…which is all the 10Y needs to break down.
Stay tuned…