Agency: Overall, today's data may push the Federal Reserve to cut interest rates
Stuart Cole, chief macroeconomist at Equiti Capital, said the market reacted more to the PCE data than to the weaker-than-expected GDP data. Today's data is interesting. If the GDP data is confirmed in subsequent revisions, it will indicate that the US economy is finally starting to slow under the monetary tightening policy implemented by the Federal Reserve, which in turn may lead to a decline in labor demand and downward pressure on wages. But the Fed may pay more attention to the PCE data, which shows that the progress of returning inflation to target is still far from won. Overall, today's data may further push the Federal Reserve to cut interest rates.
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