Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
Today’s personal consumption expenditures price index, the Fed’s favorite inflation metric, is our economic Christmas present. The November reading on an overall basis fell .1% compared to October and the core PCE increased .1%. Core PCE has increased 1.9% on a six-month annualized basis, below the Fed’s 2% target. The report reveals that the consumer remains intact. Personal spending, on an inflation adjusted basis, increased .3% on a monthly basis.
This data confirms the market expectation that the Fed will pivot toward easing interest-rates next year.
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