Today at 08:30 ET/12:30 GMT, we get the US April PCE price index data which is the Fed’s preferred inflation measure. This isn’t generally a strong market moving release because the data is old news given that it can be calculated pretty accurately from the CPI, PPI and import prices data.

WSJ’s FedWatcher Nick Timiraos shared on his X account the estimates from professional forecasters. The figures show another improvement in April. Again, this is already priced in, so don’t take too much out of it. Markets react more and change future expectations based on the CPI and PPI data because they are actually NEW information.

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