Core PCE
June 30, 2022
US core PCE (Fed’s preferred inflation measure) came in cooler than expected, up +0.3% MoM vs. consensus for +0.5%. This is the third-consecutive monthly decline in core PCE and the lowest level since January. Today’s number takes the YoY reading down to +4.7% from +4.9% in April and follows the recent downward revision to the Michigan inflation expectations. Chicago PMI also missed at 56 vs. consensus for 58.3 with prices paid growth slowing. The next inflation-related reports will be Eurozone CPI tomorrow and the US June Jobs Report on Friday 7/8
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