Don’t Be Fooled by the Core Deflator
The descending path in virtually all of the major PCE deflator measures is fully intact
Highlights
• Don’t let a bump in the Q1 core PCE deflator deter you
• Current earnings season shows weakness in industrial activity and the consumer
• Take note of stress building in private markets (the BoE certainly is!)
• Current rental pricing confirms the Fed is fighting yesterday’s battle
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