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More weakening: Real (inflation-adjusted) Income and spending was negative in April. The PCE price index remained flat at 0.3 percent for the month and 2.7 percent for the year. chart Personal Income and Outlays, April 2024 The BEA’s Personal Income and Outlays report for April shows no further progress on the inflation front and weakening consumer ...
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Markets didn’t spend any time looking beneath the GDP headlines while piling into the Canadian front-end and driving yields lower. They should have. I view the numbers as very constructive for several reasons not least of which that growth in consumer spending is at its strongest in years and needs no help from rate cuts. Before turning to details, the ...
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