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JPM Revise Core PCE Estimate Lower After PPI

US OUTLOOK/OPINION
  • Despite the upside surprise in PPI inflation, JPMorgan have revised down their core PCE estimate to 0.11% M/M from the 0.17% M/M they were preliminarily tracking after yesterday's CPI.
  • If accurate it would follow 0.22% in July and 0.21% in June, marking the lowest since Jul’22.
  • It would see the Y/Y rate slow further from 4.24% to 3.8% Y/Y for its lowest since Jun’21.

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