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No Whammies From PCE Data. Tech Plunge Helping
No Whammies From PCE Data. Tech Plunge Helping
PCE inflation was almost perfectly in line with even the unrounded expectations. The monthly core number was 0.32 vs 0.34 (or .3 vs .3 on most econ calendars). Perhaps the modest miss helps explain the modest drop in yields at 8:30am. All in all though, it was a small enough response as to obviate any further consideration. Bonds experienced a much bigger move at the 9:30am NYSE open when multiple large tech companies saw their stocks plunge sharply (led by Alphabet aka Google). A few instances of new corporate bond issues have accounted for small bounces in yields (Microsoft and Verizon, specifically).
Minimal Impact From Fed
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Oct 29 | |||||
| 8:30AM | Q3 GDP Final Sales (%) | Q3 | 1.7% | 2.8% | |
| 8:30AM | Q3 GDP (%) | Q3 | 3.4% | 3.2% | 2.2% |
| 8:30AM | Oct/24 Jobless Claims (k) | Oct/24 | 194K | 199K | 194K |
| 8:30AM | Q3 Core PCE Prices QoQ | Q3 | 2.5% | 2.4% | 3.3% |
| 8:30AM | Sep Core PCE (y/y) (%) | Sep | 3.1% | 3.1% | 3% |
| 8:30AM | Sep Core PCE (m/m) (%) | Sep | 0.3% | 0.3% | 0.2% |
| 8:30AM | Oct/17 Continued Claims (k) | Oct/17 | 1701K | 1720K | 1728K |
| 8:30AM | Q3 PCE Prices (Q/Q) | Q3 | 2.1% | 3.4% | 5% |
| 8:30AM | Sep PCE (y/y) (%) | Sep | 3.6% | 3.6% | 3.4% |
| 8:30AM | Sep PCE prices (m/m) (%) | Sep | 0.5% | 0.5% | 0.3% |
| 1:00PM | 7-Year Note Auction | 5.085% | |||
| Friday, Oct 30 | |||||
| 8:30AM | Q3 Employment costs (%) | Q3 | 0.8% | 0.9% | |
| 9:45AM | Oct Chicago PMI | Oct | 56.1 | 58.8 | |
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