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Reasonable Downward Revision To Core PCE In Q2

US DATA
  • The downward revision to the core PCE deflator was also surprisingly notable, dipping from 3.83% in the first iteration for Q2 to now 3.69%, rather than being exaggerated by rounding.
  • Tomorrow’s release for July will reveal where in the quarter this relative weakness landed. The current monthly profile has 0.165% M/M in June after 0.31% in May and 0.35% in April.

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