Fed’s favorite inflation indicator is not CPI or PPI, it is Core PCE. PCE stands for personal consumption expenditure. PCI measures actual and imputed expenditures of households. Core PCE excludes energy and food.
This morning Core PCE for February was released, it came at 0.1% vs. 0.2% consensus.
Personal Income came at 0.2% vs. 0.1% consensus.
Personal Spending came at 0.1% vs. 0.1% consensus.
China takes steps to cool red hot property markets in tier one cities. Property stocks tumble in China and dragged down the whole market.
The U. S. market, at least temporarily, is ignoring China. Many overseas markets are closed for long Easter holiday.
Overnight gold fell close to $1200. Then aggressive buying came in.
Oil is attempting a rally.
Interest rates and bonds are range bound.
Yen is weaker on talk of more stimulus in Japan.