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MS See Very Little Impact On Core PCE After Today's CPI Revision

US OUTLOOK/OPINION
  • "We estimate small changes in core PCE inflation too. The 3-month annualized pace by Dec-23 for core PCE inflation is unchanged at 1.52% and the 6-month annualized pace increased a tick from 1.86% to 1.90%."
  • "Revised 4Q23 core PCE numbers will be published on February 28th with the second revision of 4Q23 GDP. But we will need to wait until the annual GDP revision in late September to see updated core PCE prints for the first three quarters of 2023."
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  • "We estimate small changes in core PCE inflation too. The 3-month annualized pace by Dec-23 for core PCE inflation is unchanged at 1.52% and the 6-month annualized pace increased a tick from 1.86% to 1.90%."
  • "Revised 4Q23 core PCE numbers will be published on February 28th with the second revision of 4Q23 GDP. But we will need to wait until the annual GDP revision in late September to see updated core PCE prints for the first three quarters of 2023."