If you look at the last three months, these PCE figures signal that inflation is maybe losing some momentum and calls for just another few more Fed rate hikes in the near term.
More Quotes from Tim Mazanec:
There's absolutely no reason to think why (the Bank of Canada) would not keep on hiking rates at least two more times.Tim Mazanec
Overall, the ISM number is definitely a strong figure, as well as the construction spending report, which is much higher than expected.
Tim Mazanec
If unit labor costs are not increasing as much as we initially expected, that would get the Fed to pause (rate hikes) sooner than expected.
Tim Mazanec
There's shift in ranges, but still nobody's going to mistake this for a clear trend reversal or anything.
Tim Mazanec
Come the Fed meetings around April, May, June next year, this may have an impact.
Tim Mazanec
It was all one way. It was just a matter of momentum picking up after 8 a.m..
Tim Mazanec
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