BMO's Ian Lyngen noted that the US....>

US DATA REACT: BMO's Ian Lyngen noted that the US Personal Income "was slightly

lower-than-expected at +0.3% MoM Nov vs. +0.4% Oct and +0.4% consensus. Personal

Spending was a bit higher at +0.6% Nov vs. +0.5% expected, but that netted out

vs. +0.2% Oct (initial print was +0.3%). We were impressed to see Real Personal

Spending higher at +0.4% vs. +0.2% anticipated, but that is largely a function

of low-flation."

- He adds, "Recall, that for the same amount of nominal growth, lower inflation

translates to higher real gains. Core-PCE came in at +0.1% vs. +0.2% Oct and

+0.1% forecast -- core-PCE YoY inched higher to 1.5% vs. 1.4% prior."