Fed's Favorite Inflation Indicator Slides To 30 Month Lows, Savings Rate Ticks Higher
One of The Fed's favorite inflation indicators - Core PCE Deflator - fell to +3.5% YoY in October from +3.7% in Sept (its lowest since April 2021). Headline PCE tumbled to +3.00% YoY (below the 3.1% exp)...
Source: Bloomberg
Both income and spending growth slowed on a MoM basis (both +0.2% MoM)...
Source: Bloomberg
Income growth at 4.5% YoY is the slowest since Dec 2022 and Spending growth at +5.3% YoY is the slowest since Feb 2021...
Source: Bloomberg
The savings rate ticked up from an upwardly revised 3.7% of DPI to 3.8% in October...
Source: Bloomberg
Is the consumer finally pulling back... or just reaching the limit on every source of credit?
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