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JPM See Core PCE At 0.07% M/M In Nov

US OUTLOOK/OPINION
  • JPM: "Data from the PPI release did not have very noticeable effects on our tracking of core PCE inflation for November. With the PPI and CPI data now in hand for the month, we think that the core PCE price index will be up 0.08% in November, with this measure up 3.3% oya (although coming out very close to rounding down to 3.2% oya)."
  • They had estimated 0.07% M/M for core PCE post-CPI, the lowest from the seven estimates we saw post-CPI.
  • It follows 0.16% in Oct and would technically mark the softest print since Apr'20. There have been some 0.1 readings, most recently in Aug and then before that in Oct/Nov'20 (with 0.08s).
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