The latest Personal Consumption Expenditures (PCE) data for May came in line with analyst expectations, with a reading of 2.6%. To understand the...
The latest Personal Consumption Expenditures data for May came in line with analyst expectations, with a reading of 2.6%. To understand the implications for future Federal Reserve rate cuts, BMO senior economist and managing director Jennifer Lee joins Morning Brief to offer her insights.
Um You know, I mean, obviously you guys just went through the headlines, you know, with a, uh, with a, with a 0.5% increase in incomes and, uh, and 0.2% in spending.As I, as I, I've been as, as I'm trying to say right now, you know, also that we were starting to see some softening on services spending.Um And it's actually not a bad thing because that's where all the stickiness of inflation has been coming in.
So, you know, so there's some paring back, bottom line in all this, there's some pairing back pulling in services spending which will help the services CP I um uh eventually start moving downward. But Jennifer, do you think it's more likely though that the fed is going to on the side of caution here, we talk about the risk here still to inflation that we could see inflation rise just a bit.Wouldn't that though strengthen the argument that hey, maybe it still makes sense even though we have seen this progress.
And we would sort of say that, you know, with their, on the side of caution as you just point out and do fewer, I guess. Um, it's it's, it's, it's tough and this is like, you know, Fed's not alone, you know, we've got, you know, the Bank of England, for example, like dealing with that their next election coming up, um, next week.
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