U.S. Stock Futures Are Lower While PCE Price Index Data Was A Bit Better Relative To Estimates

United Asset Strategies |

U.S. stock futures are lower.  The personal consumption expenditures (PCE) price index data was a little bit better relative to estimates.  The core PCE month over month was 0.3% compared to consensus of 0.4% and annual increase was 4.7% compared to 4.8% estimates.  While the headline numbers are at decade highs, the annual rate for May of 4.7% is lower relative to the prior April’s 4.9%.  The non-core PCE data points were also below estimates and jobless claims from last week were 231k relative to survey of 230k.  Equity futures remain in negative territory and treasury yields are lower.  The 10y is at 3.02%, versus its closing level of 3.09% and yields are lower across the curve.  At yesterday’s ECB forum, global central bankers stated a priority to rein in inflationary pressures which may precipitate a recession.  International markets are lower.