Loading ...The hallmark of today’s data was a rise in the personal savings rate to 8.1% from 7.8% in July. This is exactly how you model ‘uncertainty’ — rise in savings, pullback in spending growth. More disinflation signposts. Bond yields will hit fresh lows.
After everything the central bankers and fiscal policymakers threw at inflation, we saw today that Japanese (Tokyo) CPI slowed, French PPI deflated, and the market-based U.S. PCE deflator also had a minus sign in front of it.