Fed’s Favorite Inflation Indicator Hotter Than Expected In September

October 31, 2024

Fed’s Favorite Inflation Indicator Hotter Than Expected In September

The Fed’s favorite inflation indicator – Core PCE – printed hotter than expected in September (+2.7% vs +2.6% exp), flat with August’s 2.7% rise…

Source: Bloomberg

The headline PCE rose 0.2% MoM, which dragged down YoY PCE to +2.1% – its lowest since Feb 2021…

Source: Bloomberg

On a MoM basis, PCE appears to be accelerating with Durable Goods and Services costs picking up…

Source: Bloomberg

And finally, the so-called SuperCore PCE (Services Ex-Shelter) rose 0.3% MoM leaving the YoY cange ‘sticky’ at around 3.2%…

Source: Bloomberg

Personal Incomes rose 0.3% MoM (as expected) but Spending rose by more (+0.5% vs 0.4% exp)…

Source: Bloomberg

But on a YoY basis, bond spending and income growth is slowing…

Source: Bloomberg

Not exactly the kind of data that enshrines The Fed with a god-given right to cut rates.

Tyler Durden
Thu, 10/31/2024 – 08:41

https://www.zerohedge.com/economics/feds-favorite-inflation-indicator-hotter-expected-september

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