MNI China Daily Summary: Thursday, June 27

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Q2 Core PCE Misses, Skews Tomorrow’s June Reading Lower

US DATA
  • Core PCE prices were notably softer than expected in Q2 at 3.83% annualized (cons 4.0) after 4.88% in Q1.
  • On the perhaps unlikely assumption that prior monthly figures are unrevised, it would leave June core PCE rising just 0.07/0.08% M/M vs prior expectations in the low 0.2s for tomorrow’s release (lowest since the then one-off 0.076% in Jul’22 and before that Nov’20).
  • Any potential revisions will however be important to see where latest momentum lies.
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