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Supercore PCE Sees Three Of Past Four M/M Prints Below Target Pace

US DATA
  • Within the details, services PCE accelerated to 0.25% M/M.
  • However, “supercore” PCE inflation increased just 0.12% M/M for the second month running.
  • A dropping out of a 0.06% M/M print from Aug meant the three-month still increased two tenths to 2.9% annualized (it still captures a very strong 0.47% from Sep).
  • The six-month run rate meanwhile eased a tenth to 2.7% annualized, its lowest since Nov 2020.

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