The important aspect was core inflation, month-on-month up just 0.1 percent. Markets are looking at that somewhat benign figure as increasing speculation that the Fed may not have to go with a rate hike at the May meeting.
More Quotes from Tim Mazanec:
Even though the data has been inflationary and indicative of a stronger economy, comments from the Fed suggest they're going to wait and see.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 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.
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
Come the Fed meetings around April, May, June next year, this may have an impact.
Tim Mazanec
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