- Prior was +4.6%
- PCE core 0.2% m/m vs +0.2% expected
- Prior MoM +0.3%
- Headline inflation PCE +3.0% y/y vs +3.0% expected (Prior +3.8%)
- Deflator +0.2% m/m vs +0.2% expected (prior was +0.1%)
Consumer spending and income for June:
- Personal income +0.3% vs +0.5% expected. Prior month +0.4% (revised to +0.5%)
- Personal spending +0.5% vs +0.4% expected. Prior month +0.1%
- Real personal spending +0.4% vs 0.0% prior (revised to +0.1%)
This is a good report with inflation ticking down and slightly below the consensus on the y/y core. Headline is down to 3.0% and that shouldn’t trouble the market. So far, market reaction has been minimal.