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Callistemon
PCE inflation YoY just climbed back to 3.6% after cooling to 3.35% mid-summer the second leg of a reacceleration that started in February. This is the same stickiness that made a ‘dovish pause’ hard to justify last week. DXY’s rally and gold’s breakdown both make more sense with this context. The Fed’s cautious tone wasn’t hedging, it was reading this trend before it fully showed up in the print.
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