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INTRADAY ALERT: 3 key takeaways: strengthens case for "dovish" May +25bp as core services ex-housing (Fed focus) now +2.8% annualized, right on target

The March Core PCE deflator, the Fed's preferred measure of inflation, came in better than expected at +0.28% MoM, below consensus of +0.3% and +4.6% YoY. The internals were better as well. Here are 3 takeaways:

First, Core PCE MoM at +0.28% is the best figure since November 2022 and has been visibly decelerating since Jan high watermark of +0.56%. Recall, the consternation by markets and Fed over the "hot" Jan CPI and PCE and the visible deceleration since shows that Jan was the aberration. ...

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