WSJ Fedwatcher Nick TImiraos is tweeting about economic data at the moment and warning that PCE inflation “is expected to be on the high side”.
Given that he leaked a softening in the Fed stance on Friday, everything he writes gets extra scrutiny. That said, no one is leaking economic data to him. He’s refering to the consensus estimate on core at +0.5%, which he explicitly references.
Timiraos also highlights the employment cost index for Q3, which will be released at the same time as the PCE report. It’s lagged data but something the Fed has said it’s watching closely.
In any case, the market is smart enough to understand that Timiraos isn’t getting economic data ahead of time. The US dollar has been sliding in the past few minutes, which is the opposite of what you would get if today’s inflation data was hot.
