- US PCE for May was lower than April’s by 0.3%, coming in at 0% MoM, as expected. Core PCE increased by 0.1% MoM, matching estimates but below the previous reading of 0.3%.
- Fnal reading of US Consumer Sentiment for June was 68.2, down from May’s 69.1 but an improvement over the preliminary reading of 65.8. Inflation expectations remained steady at 3% for both the short and long term.
- According to CME FedWatch Tool, odds for 25-basis-point Fed rate cut in September are at 69%, up from 64% before US PCE release.
- December 2024 fed funds rate futures contract implies Fed will ease policy by just 35 basis points (bps) toward the end of the year
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