U.S. July PCE Up 3.7% YoY; Devere Group CEO Flags Rising Stagflation Risk
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July U.S. PCE inflation rose 0.2% m/m and 3.7% y/y, with core PCE also up 0.2% m/m, keeping inflation above the Fed's target. Devere's stagflation warning highlights a tougher policy trade-off and reinforces expectations for a steadier rate path. Immediate cross-asset moves were mixed: equities opened higher, while gold and silver fell; Bitcoin was range-bound.
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Figures released by the U.S. Bureau of Economic Analysis (BEA) show the Personal Consumption Expenditures (PCE) Price Index rose 0.2% month over month in July, lifting the year-over-year increase to 3.7%. Core PCE, which strips out food and energy, also climbed 0.2% from the prior month, leaving inflation above the Federal Reserve's 2% target.
Nigel Green, CEO of global financial advisory firm Devere Group, said the data add to signs of a stagflationary backdrop, with growth losing momentum while inflation remains sticky. He argued the Fed faces a difficult trade-off between fighting inflation through rate hikes and supporting growth via rate cuts, and expects the federal funds rate to stay unchanged.
After the PCE report, major U.S. equity indices opened higher. Gold fell to $4,626 per ounce and silver slid to $68.31. Bitcoin traded in a 24-hour range of $77,250 to $79,539, and was quoted at $77,600 at 11 a.m. Eastern Time on Wednesday. (Bitcoin.com News)
