• Released prior to payrolls, the NY Fed’s Multivariate Core Trend (MCT) based on April’s PCE data released May 26, showed a decline to 3.4% from a “considerably” downward revised 3.6% in March vs an initial 4.5%.
• They caveat it though but noting that “Uncertainty is high as reflected in the 68% probability band (shaded area of chart) of (3.0, 4.0) percent”.
• By comparison, the standard 12-month core PCE measure inched up to 4.7% in April following monthly readings of 0.4% in April and 0.3% in March.
• More here

Source: Bloomberg