PCE landed right on expectations at 3.7%. Q2 GDP came in weaker at 1.5% vs 2.1% expected. And stocks still opened green, with tech leading. Feels like the market is reading the GDP miss as less pressure on the Fed, not as a growth scare. Good reaction for risk assets. But 3.7% inflation with slowing growth is still a pretty awkward macro mix.
︎ Teo MercerShare
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