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rss · #1 12-23-2013, 05:24 PM

Heads up! We are minutes away from the release of core PCE data, due out at 8:30 AM ET.

Eco**mists expect the release to show that core PCE rose 0.1% in **vember, bringing year-on-year growth to 1.2% from October's 1.1% rate.

core PCE is k**wn as the Federal Reserve's favorite measure of inflation. There are signs that inflationary pressures may be starting to build across the eco**my, but as of yet, these pressures have **t been manifested in actual inflation data.

"Investors have been bidding up money market yields since the Fed started tapering, and conversations with hedge fund investors suggest that many of them expect the market to challenge the Fed’s forward guidance," says Steven Englander, global head of G10 FX strategy at Citi. "So today a 1.1% y/y on the core PCE deflator would push the air out of the 'tapering is a prelude to tightening' balloon, while a 1.3% y/y would be a rallying cry to the 'Fed is behind the curve crowd'."

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