Fed’s Favorite Econ Indicator Slips As Monday’s Data Comes Up Short

Here’s Monday’s key econ data (note the bolded bits):

U.S. March Personal Income Rose 0.2%; Est. Up 0.3%

Personal consumption was unchanged; est. up 0.2%

Personal consumption forecast range -0.2% to 0.4% from 72 economists

Personal income forecast range 0% to 0.4% from 73 economists

Real personal spending rose 0.3%; est. up 0.4%

Core inflation fell 0.1%; est. -0.1%; rose 1.6% Y/y

PCE prices fell 0.2%; est. -0.2%; rose 1.8% Y/y (first decline since February last year)

Compensation at 0.1% in March vs 0.4% the prior month

Savings rate at 5.9% in March vs 5.7% the prior month

The knee-jerk is predictable but, thanks to the risk-on bump we got last night from the deal on Capitol Hill, we had a cushion…

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