INTRADAY ALERT: Nov Core PCE +0.06% vs +0.20% Street shows inflation glide path lower. Sustains case for YE equity rally.

The Nov Core PCE Deflator was released today and came in at +0.06% MoM, inline with tireless Ken's +0.07% and well below Street consensus of +0.20%.

The key takeaway is that inflation is falling like a rock. One can look at Core PCE MoM since the start of 2023 and the sustained downtrend in this reading is clear. Inflation is on a glidepath lower and the notion of "higher for longer" is not congruent with this trend. Housing accounted for +0.09% of the MoM increase,...

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