Yawn! We close out the week with the most in line economic data we have seen in a while. With the Fed in the middle of their quiet period, many looked to today’s PCE data to provide a better understanding of what the Fed may be planning for the upcoming FOMC meeting next Wednesday. The PCE core deflator YoY reporting in line with estimates (4.4%), left traders in limbo while market movements lacked conviction in both directions. The SPX (+0.25%) remains within its current range with resistance at the 4100 level. While PCE data is still more than double the Fed target, they did see some data points moving in their favor.
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