PCE was reported on Friday, we generally do not bother talking about old data, but we think it is important to review as the inflation data is just not continuing to decline. It is like the last 5 pounds you are trying to lose and then it starts

to go back up on you. The Fed, by other means, seems like they are easing without easing, and both growth and inflation are maintaining a high level (cheating on the diet).

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