All eyes are on PCE inflation data this week as it is the Federal Reserve’s preferred inflation measure and could influence a rate cut decision set for September.July’s S&P Global Manufacturing PMI and Services PMI preliminary readings are due on Wednesday. These reports provide a snapshot of business conditions in the manufacturing and services sectors in the U.S.
According to estimates, the pace of GDP growth quickened to 2% in the second quarter, up from a 1.4% annualized rate for Q1. A higher-than-forecasted reading could lead to a delay in expectations for central bank rate cuts. It is a “huge week ahead with the July Fed meeting just 10 days away,” commented the Kobeissi Letter.
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