PCE data just dropped - exactly in line. Core PCE stuck at 0.3% MoM / 3.1% YoY. Headline at 0.5% / 3.6%. Personal spending missed slightly (0.5% vs 0.6% expected).
Real surprise: Q3 GDP beat at 3.4% vs 3.2% forecast. GDP price index cooled to 2.2%. Jobless claims improved to 194K.
Bottom line: Inflation sticky but not running hot. Growth still solid. Fed has zero reason to pivot dovish off this print.
Risk-on stays intact for now but don't expect rate cuts anytime soon.
Real surprise: Q3 GDP beat at 3.4% vs 3.2% forecast. GDP price index cooled to 2.2%. Jobless claims improved to 194K.
Bottom line: Inflation sticky but not running hot. Growth still solid. Fed has zero reason to pivot dovish off this print.
Risk-on stays intact for now but don't expect rate cuts anytime soon.
