Core Services Ex Housing

Summary We thought we were penciling in sufficiently strong readings for the PPI inputs in March but apparently not enough. We've marked up our y/y and m/m readings for Core PCE in March by 4bps (26bps->30bps m/m, 3.13%->3.17% y/

Summary We pride ourselves on being among the closest in our forecasts / nowcasts of Core PCE, especially after receiving all of the relevant information from CPI, PPI, and import prices. January proved to be an uncharacteristic miss for us (8-9bps too high on Core PCE). We would be suspicious