Bloomberg Daybreak: Asia Edition
Instant Reaction: Inflation Data
Mar 29, 2024
Tom Porcelli, Chief US Economist at PGIM Fixed Income, and Sarah House, Wells Fargo Senior Economist, provide insights on the latest inflation data including PCE figures. Topics covered include consumer behavior, savings rates, market trends impact on inflation, Federal Reserve challenges, and Chairman Powell's messaging post inflation data release.
29:40
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Quick takeaways
- Personal consumption expenditure index shows 2.8% year-over-year increase, influencing Fed's rate decisions.
- Consumer spending trends highlight economic growth concerns linked to reduced savings and credit usage.
Deep dives
Mixed Picture of Inflation and Economic Data
The recent economic data presents a mixed picture of inflation and economic performance. The Personal Consumption Expenditures Price Index for February, the Fed's preferred gauge of inflation, shows a year-over-year increase of 2.8%, with core factors indicating slight fluctuations. Personal income showed a month-over-month increase slightly below expectations, while personal spending surpassed forecasts. The core deflator and inflation rates present a nuanced view, impacting the Fed's rate decisions.
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