US DATA: Heavy Decline In PPI Portfolio Mgmt Fees To Drag On Core PCE
May-15 12:36
- Heavy declines in PPI portfolio mgmt fees: -6.9% M/M in April after 0.1% M/M.
- That on its own drags about -0.12pps from core PCE after an unrevised 0.00 in Mar and +0.14pp in Feb.
- How much impact it has on core PCE estimates depends of course on what analysts had pencilled in. We'd seen unrounded estimates averaging around 0.20% M/M for core PCE in April after Tuesday's CPI.
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