Based on the historical spread between core inflation and core Personal Consumption Expenditure( PCE) of about 30bps, it is likely that core PCE will register a reading of well above 4% for June....
In effect, the Fed’s assessment of inflation being transitory has yet to show, with both the core inflation and core PCE at an elevated level and rising....
Last month, the gain in the non-farm payroll, which rose by 850k, was well above expectations, but surprisingly unemployment rate increased by
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2021-07-17 00:00:00.0