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Core PCE Inflation Just Fractionally Off Strongest Months Of Cycle

US DATA
  • Core PCE inflation of 0.571% M/M (cons 0.4) is the hottest since the 0.63 prints of Jun’22 and Apr’21.
  • Further, the upward revisions in yesterday’s Q4 data were increasingly distributed towards latest months, with Dec revised up 0.078pps to 0.374%.
  • The upward revision to Nov also means that Jul’22 is the only month to have been below the rate consistent with the 2% inflation target since Feb’21.

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