Well we got the PCE (personal consumption expenditures) this morning and the numbers were a tiny bit hot. The price index was 6.2% versus 6.4% a year ago (year on year). The core rate ran at 4.9% versus 4.6% a year ago. Bottom line is no real relief in this inflation gauge which Jay Powell claims to be his favorite gauge.
Stock indexes are off just a bit while the 10 year treasury is 3 basis points lower at 3.71%.
So today is another day I plan to watch and not buy–but a nibble will be taken if a current holding takes a giant tumble—each day it seems like there is something that gets hammered.