Friday afternoon’s core PCE figures will come as further welcome relief to the FOMC.
This was the slowest monthly rise this year helping to further cement the bumpy disinflationary path on which the US economy continues to tread.
However, as one swallow doesn’t make a summer, one promising PCE print shan’t provide policymakers with the requisite ‘confidence’ that they continue to seek in order to deliver the first rate cut.
Which remains likely in early-autumn, providing that data continues to show price pressures cooling over coming quarters.
