The Fed’s main mandate is inflation. Sure, they mention employment, but let’s be honest, inflation is their favorite child. The one whose report cards they hang on the fridge.

Today’s Personal Consumption Expenditures (PCE) came in up 0.3%, perfectly in line with estimates.

Year-over-year inflation nudged from 2.7% to 2.8%, just enough to remind the Fed that their “favorite child” still needs supervision.

My thoughts:

Wednesday’s ADP report showed 32,000 job losses in November, and paired with the lighter inflation numbers, it basically handed the Fed a golden ticket to lower rates.

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