Innlegg

PCE is out, and honestly, I don’t think it made the Fed’s job any easier. Headline PCE is still running at 3.7% year over year, while core PCE is holding around 3.3%. Inflation isn’t suddenly accelerating, but it’s also clearly not back where the Fed wants it. For me, that means the attention now shifts almost completely to Jackson Hole. The data gave both sides of the debate something to work with. The more cautious camp can point to inflation still sitting well above target, while others can point to relatively contained monthly inflation and argue there’s no need to rush into another policy move. Personally, I’m less interested in hearing another “data dependent” message. I want to know how the Fed is thinking about the next few months and whether it sees sticky inflation as something that requires more tightening or simply more patience. #PCEToJacksonHole $BTC