In the recent testimony of Federal Reserve's Powell, he said he believed the November PCE price index would come in at 3.1% when consensus was 3.5%. In consequence, forecasters now believe the November PCE is likely to show core inflation was very mild (between 0.0% and 0.1%, even though consensus is 0.2%) which would lower the 12-month core PCE inflation to 3.1% and 6-month annualized, to 1.9%. This will give the Fed even more headroom to lower rates which is bullish for stocks and cryptocurrencies. CME FedWatch predicts 6 rate cuts in 2024 with the first one in March.
Market Lab Report - Note on today's PCE at 830 am EST
|22 Dec 2023 05:58 ET
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