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🔺 Fed's Inflation Gauge Ticked Higher In June, Spending Rises

*U.S. JUNE CORE PCE DEFLATOR +4.8% Y/Y; EST. 4.7%

*U.S. JUNE CORE PCE DEFLATOR +0.6% M/M; EST. 0.3%

*U.S. JUNE PERSONAL SPENDING RISES 1.1% ON THE MONTH VS. EST. 0.9%

*U.S. JUNE PERSONAL INCOME RISES 0.6% M/M


This week, we heard from the FOMC as they lifted rates by 75bps and dropped forward guidance, which was taken as a dovish turn from the committee. Powell said they would be attentive to upcoming data and that this will influence the decision-making into September, however, he also made reference to the federal funds rate forecast from June.

In terms of data, June's Core PCE Price index saw an uptick to 4.8% from 4.7%, this was higher than the consensus forecast. Also, spending continues to expand on a monthly basis. The Friday docket also saw the personal savings rate release, the metric fell to the lowest since 2008 at 5.4%.




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