What changed
Please find below a Bloomberg table summarizing this morning's US data releases.
Three considerations from my end:
Monthly PCE inflation, the Federal Reserve's favorite measure, came in line (core) to somewhat softer (headline) than the consensus forecasts. This brought annual headline inflation to multi-year highs -- 4.1% for headline and 3.4% for core.
The monthly data should help moderate rate hike expectations, despite what remains strong economic activity data.
It would not surprise me if t — via @elerianm