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🇺🇸Cable FX Macro Weekly Note: U.S. Core PCE Price Index

**As seen in Risk In The Week report 09/23/22, cablefxm.co.uk/reports

We’re doubtful this is still the inflation metric the Fed reacts to, regardless of the debate, the PCE deflator eased in July to 6.3% from 6.8% Y/y, this was below the consensus of 6.4%. Broadly speaking, this could be interpreted as a victory in the fight against inflation, however, prices remain well above target. The core PCE M/m figure declined by 0.1%, this was lower than the consensus expectation for a flat month and the first negative print since early Q2 2020. On spending and income, Wells Fargo says they expect another growth print for August spending, they note August retail sales data showed goods spending held during the month. On the income front, Wells Fargo says they see an increase of 0.1% M/m. The bank says that an easing of inflation has supported personal income while households have transitioned to services spending from goods, they say the consumer behavior is transitioning back to normal.



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