Consider the following three sentences — all taken from a single 250-word article in Friday’s Financial Times (January 27, 2023) reporting on the release this week of the Personal Consumption Expenditure Price Index (PCE) for December.
- “US stocks waver as inflation edges higher.”
- “US consumer spending softened in December even as inflation eased.”
- “Headline inflation fell to its lowest level in more than a year in December.”
These mixed messages encapsulate the confusion in the market, and in the minds of its interpreters. Fed Chairman Jerome Powell confessed his perplexity in a recent speech to the Brookings Institute.
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