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But we saved everything 🙂.
Guy LeBas expects July core personal consumption expenditures (PCE) to increase by 0.27 percent month over month. This projection is based on his analysis using CPI and PPI data, following what he describes as a high portfolio management print in the latest figures.
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LeBas previously observed that markets assigned a 40 percent probability to a U.S. rate hike in September, reflecting uncertain policy guidance at the time (link). He has also questioned whether there is a stronger case for taxing capital, noting capital returns have consistently outpaced labor over several decades (link). These views provide additional context for his current PCE projection.