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Free AccessServices Ex-Shelter Inflation Continues To Decelerate
The December Personal Income and Spending numbers, including PCE deflators, came in nearly entirely in line with expectations though we did see modest lower revisions to prior for personal income and spending, and minor tweaks to prior price indices (higher for Oct, lower for Nov).
- If anything, the % M/M unrounded core reading just below 0.3% (+0.296%) was slightly weak vs sell-side expectations of a figure in the low 0.3+% region.
- Core PCE services ex-housing pulls back to 4.1% Y/Y in Dec from 4.3% in Nov and 4.7% in October, and vs the 4.9% peak in December 2021. (That's the Bloomberg index calculation; there is no "official" series, and we have seen other estimates vary slightly, but they are all telling the same story of decelerating price pressures in this core-core category eyed by the FOMC.)
- This won't move the needle for the FOMC decision next Wednesday, as not only was the data in line with market expectations, but the PPI and CPI releases earlier in the month will have allowed the Fed to accurately estimate the PCE print.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.