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Core PCE Inflation Tracking At 0.4% M/M In September

US DATA
  • Ahead of tomorrow’s data, implied core PCE inflation sits at 0.42% M/M, conditional on no revisions, in a modest pulling back from the 0.56% M/M in Aug but still far higher than the FOMC wants to see.
  • That's extremely close to the 0.43% averaged from a few sellside analysts after CPI/PPI but a tenth lower than Bloomberg consensus (despite the Q/Q coming today being in line).

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