Free Trial

MS: Core PCE Seen at +0.25% M/M

US OUTLOOK/OPINION
  • Morgan Stanley estimate core PCE inflation at +0.25% M/M in April (cons +0.3%), notably slower than the +0.57% M/M for CPI as the wedge between the two grows increasingly wide, pushing the year-ago rate from 5.2% to 4.8% Y/Y.
  • They see personal income printing another +0.5% M/M in April, driven by continued strength in labor compensation (the aggregate income proxy in payrolls was a solid +0.65% M/M).
  • Personal spending meanwhile likely moderated to +0.6% M/M from +1.1% prior whilst the saving rate increases from 6.2% to 7.6%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.