US Open – PCE Price Index remains elevated but are there signs of softness?

The Core PCE Price Index, the FOMC’s favourite measure of inflation, missed by a tick at 5.2% vs 5.3% (y/y). The headline posted a steep 0.9% gain versus 0.5% (m/m) previously. This could confirm the softening seen in the CPI, and add to the “peak inflation” argument? However, the Employment Cost Index beat big time at 1.4% vs 1.1% in Q1. Over to you Mr Powell…


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Andria Pichidi

Market Analyst

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