Top economist David Rosenberg shrugs off fears of stubborn US inflation as prices of many things are dropping fast
Top economist David Rosenberg shrugged off fears of stubborn US inflation, flagging that prices of many things are dropping fast.
"Today's 'hot' PCE deflator came down to just three sectors: housing, used cars and financial services. The rest of the index actually came in below +0.2% MoM. Less sticky than you think, if you actually take the time to look underneath the hood," the Rosenberg Research chief, rising above expectations at 0.4% month-on-month.
"Almost two-thirds of that PCE deflator actually came in at +0.1%! The most cyclical segments deflated: Recreation goods, new autos, home improvement, delivery services, air fares, rail transport, car rental, hotels, appliances, and furniture. And I won't back down …"
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