Global markets are relatively quiet this morning ahead of the Trump/Xi meeting later tonight at the G-20 summit in Japan. Treasury prices are essentially unchanged on the day, and S&P 500 futures are up 0.23%. President Trump has made positive/hopeful comments ahead of his meeting with Xi, but at this point, another cease-fire agreement would be a positive outcome from a market perspective.
May personal income, spending, and inflation data were generally positive. The spending growth data was actually lower than expected, but that was due in part to the fact that the prior month was revised higher. Core PCE was in line with expectations on a month-over-month basis (0.2%), and the year-over-year measure actually held at 1.6% (markets expected 1.5%).
Managing Director, Investment Management Group
|6/28/2019||Real Personal Spending||0.40%||0.20%||0.00%||0.20%|
|6/28/2019||PCE Deflator MoM||0.20%||0.20%||0.30%||—|
|6/28/2019||PCE Deflator YoY||1.50%||1.50%||1.50%||1.60%|
|6/28/2019||PCE Core Deflator MoM||0.20%||0.20%||0.20%||—|
|6/28/2019||PCE Core Deflator YoY||1.50%||1.60%||1.60%||—|
|6/28/2019||MNI Chicago PMI||53.5||—||54.2||—|
|6/28/2019||U. of Mich. Sentiment||97.9||—||97.9||—|
|6/28/2019||U. of Mich. Current Conditions||—||—||112.5||—|
|6/28/2019||U. of Mich. Expectations||—||—||88.6||—|
|6/28/2019||U. of Mich. 1 Yr Inflation||—||—||2.60%||—|
|6/28/2019||U. of Mich. 5-10 Yr Inflation||—||—||2.20%||—|
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