Bank of America: Fed Now More Focused on Jobs Data, Next Week's PCE May Be Less Important Than Before
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September 20, 2024
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Bank of America analysts predict inflation data will take a backseat next week after the Fed indicated a greater focus on a weakened U.S. labor market.
Following moderate CPI and PPI data earlier this month, the Personal Consumption Expenditures (PCE) inflation for August will be released next Friday. Bank of America expects a monthly growth rate of 0.1%, down from 0.2% in July. Weekly jobless claims will be released on Thursday.
Bank of America economists said, "We still believe that a dovish Fed combined with a resilient economy will result in a steeper yield curve, including a steeper breakeven curve."
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