They came, they watched, they left. The Fed, and therefore investors, had one more datapoint to monitor this week before starting their long weekend. The CPI print two weeks ago gave the Street some certainty that rate cuts would start on September 18th, and today’s PCE result added to that resolve. The result of 2.5% y/y was in line with estimates (and sequentially), and without any slippage to Personal Income or Spending, keeps the dialogue moving for the Fed. Next up is Nonfarm payrolls next…
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