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US Core PCE deflator. Why you need to look at the second decimal place.
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Friday 28th June 2024
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There wasn’t a lot of data of significance around overnight, but the combination of a range of weak data prints fuelled some hope that the fed will cut sooner than markets had been moved towards. NAB’s Ray Attrill says a slight overnight rally on Australian bonds was likely to be a response to what the RBA’s Andrew Hauser has been saying, suggesting a partial CPI print for one month was hardly enough to base rate expectations on, and there’s a lot more data before the August meeting. The key number today is the US Core PC deflator, the Fed’s preferred measure of inflation. Markets will be very sensitive to this number, with Ray suggesting its important to look to the second decimal place because, on an annual basis, that can make all the difference.
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