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Limited Moderation In Regional Fed PCE Measures

US DATA
  • Core PCE saw some moderation in March, easing from 0.35% to 0.28% M/M on the month and from 4.69% to 4.60% Y/Y.
  • Various regional Fed measures broadly stabilized meanwhile, with the Cleveland median edging up from 5.77 to 5.83% Y/Y and the Dallas trimmed mean near unchanged from 4.67% to 4.68% Y/Y (although the latter’s 6-mth annualized measure easing a tenth to 4.40%).
  • The San Francisco covid-sensitive/insensitive split remains interesting, with the insensitive category holding at cycle highs reached in Feb (dipped only from 4.91% to 4.89% Y/Y in Mar) but the covid-sensitive category dipping two tenths to 4.61% Y/Y for its lowest since Aug’21.

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