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No Major Surprise In Latest Monthly Core PCE Inflation

US DATA
  • Core PCE inflation was slightly stronger than expected at +0.56% M/M in August, closing the wedge with core CPI, but after a weaker +0.04% in July (-0.04pp)
  • The largest upward revisions revealed in yesterday’s quarterly data were in Nov’21-Mar’22 meaning relatively little change in latest monthly momentum compared to what was expected prior to the release, i.e. remaining off the June peak of 0.63% M/M and with July the first month with sequential core PCE inflation below the rate consistent with the 2% inflation target since Nov'20.

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