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Morgan Stanley economists on this.....>

US DATA REACT
US DATA REACT: Morgan Stanley economists on this morning's PPI data , "details
suggest that PPI components will make a stronger contribution to PCE in January
vs. December." Meanwhile, "incorporating this month's PPI inputs on top of
yesterday's CPI inputs, our revised forecast for January core PCE inflation is
0.31%M, with the year/year rate now just rounding up to 1.6% (1.55% vs. 1.52%)."

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