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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Core PCE inflation was on balance a little softer than expected in May, printing 0.08% M/M vs consensus of 0.1% that had tilted higher with an average unrounded 0.13% M/M.
- The April upward revision when rounded on screens was tiny in an unrounded sense, from 0.249% to 0.259% M/M. Further, yesterday’s Q1 upward revision came entirely in January.
- The marginally softer May print meant that the Y/Y ended up printing very much in line at 2.57% Y/Y (cons 2.6% but there had been some chance of a 2.7 post-Q1 revisions) for its lowest since Mar 2021.
- 3-mth core PCE inflation eased from 3.5% to 2.7% annualized, whilst the 6-mth edged a tenth lower to 3.2% but remains above the 1.9% seen at end-2023.
- This continued relative stickiness for the 6-mth rate does indeed mark a fourth-consecutive month with it higher than the Y/Y figure although most recent trends are becoming more favorable again.
- Supercore PCE inflation of 0.096% M/M helped with this soft core PCE print, in the middle of the limited estimates we’d seen beforehand of 0.0-0.22% M/M.
- 3-mth supercore PCE eased from 3.6% to 3.3% annualized, whilst the six-month only eased a tenth to 4.1%.
- There was however one area of notable strength in the supercore details, with healthcare services rebounding with 0.71% M/M after 0.06%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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