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Friday, June 30, 2017
May core PCE +1.4% y/y vs +1.4% expected
Prior was 1.5%
Core +0.1% m/m vs +0.1% expected
Prior core +0.2% m/m (revised to +0.1%)
PCE deflator +1.4% y/y vs +1.5% expected
Prior PCE deflator +1.7% y/y
core numbers were inline with expectations but headline inflation
missed estimates on the downside and was lower than April. That's the
kind of trend that will keep the Fed on the sidelines. And don't forget
that from May to June, oil prices fell more than 15%.
Income and spending (all m/m):