On tap for Monday: March personal...>

US DATA PREVIEW: On tap for Monday: March personal income; current dollar

Personal Consumption Expenditures, total and core PCE indexes; Dallas Fed

manufacturing index for April; 13- and 26W bill auctions.

- Morgan Stanley economists estimate a "modest 0.2% rise in nominal personal

spending in February followed by a 0.8% gain in March. We expect February core

PCE inflation to rise 0.11%M and March core PCE inflation to rise 0.10%M,

rounding down to 1.6% on a year-over-year basis in March."

- From Nomura: "Based on relevant components from February and March CPI and PPI

data, we expect below-trend readings for core PCE inflation of 0.080% and 0.034%

m-o-m, respectively, lowering the y-o-y rate to 1.7% (1.696%) in February and

then to 1.6% (1.553%) in March."