Independent Strategy

USUS Aug PCE, Personal Income & Spending

While the headline numbers looked ok versus consensus, they reinforced some of the trends we’ve seen over the last few months.  On the inflation side while there doesn’t seem much to worry about looking at the headline, there has been a build in core prices.  Core PCE picked up to just under 1.8% y/y, which fits with the (stronger) increase we’ve seen in core CPI.

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