October 30, 2024 at 12:30PM
Prior quarter 2.8%
Advanced Core PCE 2.2% vs 2.1% estimate
PCE advanced 1.5% vs 2.5% prior
Ex food and energy and housing 1.6% vs 2.3% prior
PCE services ex Energy and housing 2.6% vs. 3.0% prior
The monthly PCE data will be released but the trend is to the downside. The headline PCE is below the 2.0% Fed target. The Core is also lower and closer to the 2.0% target at 2.2% (down from 2.8%). That is good news and supports the recalibration argument. The jobs report does not necessarily suggest that, however.
Looking at the markets:
Dow industrial average is now lower by -55 points
S&P index is up 3.3 points
NASDAQ index is up 13 points
Looking at the US debt market:
2 year yield 4.151%, +3.3 basis points (at highs for the day)
5-year yield 4.118%, +1.4 basis points (at highs)
10 year yield 4.270%, -0.4 basis points
30-year yield 4.498%, -2.1 basis points
This article was written by Greg Michalowski at www.forexlive.com.
