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Core PCE Cooling Confirmed, Lowest Savings Ratio Since 2013

DATA REACT
BulletMarketsFixed IncomeForeign Exchange
  • Core PCE inflation ends up as expected at +0.29% M/M in March with the downward revisions to Jan (-0.02) and Feb (-0.07) bearing the brunt.
  • This leaves core PCE inflation running unchanged at +0.29% M/M for the second month running, having cooled from four consecutive months of fractionally under 0.5% M/M through Oct-Jan.
  • Strong personal spending (+1.1% M/M) and softer income growth (+0.5% M/M, still above consensus) sees the personal savings ratio step down further to 6.2%, the lowest since Dec’13.
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  • Core PCE inflation ends up as expected at +0.29% M/M in March with the downward revisions to Jan (-0.02) and Feb (-0.07) bearing the brunt.
  • This leaves core PCE inflation running unchanged at +0.29% M/M for the second month running, having cooled from four consecutive months of fractionally under 0.5% M/M through Oct-Jan.
  • Strong personal spending (+1.1% M/M) and softer income growth (+0.5% M/M, still above consensus) sees the personal savings ratio step down further to 6.2%, the lowest since Dec’13.