Hilarious...
Those desperately wanting good news and a slew of Fed cuts are describing today's PCE release as great news...new data hit the mark!
Looking "under the hood"...
...durable goods deflation continues to drag Core PCE lower while Services costs continue to rise...Even more notably, the so-called SuperCore PCE rose 0.2% MoM, the highest in 3 months, and which pushed YoY supecore to 3.25%, which remains awkwardly stagnant at elevated levels...This was the 51st straight monthly rise in SuperCore prices with virtually all costs except transportation rising...The problem, however, is that spending growth continues to tick far above income growth, and on a YoY basis, spending continues to outpace incomes.https://www.zerohedge.com/economics/feds-favorite-inflation-indicator-unexpectedly-prints-soft-savings-rate-plunges-multiyearGraphically honest Cliff Note Summary - Bidenomics and the Fed's easy money sins of the past (they hope to resume) are beating the effing shizzle out of the working class!
And, as the article additionally notes, saving rates continue to crater, and are masked by the 8th straight month of rising (cough, election year, cough) government handouts!
And, as noted yesterday, if folks are even dialing back spending at dollar stores, ALDI, etc...things are getting worse, not better!
Checking in on the market to see if they are buying the PCE BS...
...mmm, not the Dow, and the others are nominally to the plus...and volume is bifurcated.
