Commentary
We’ve seen a strong first half in many of our top growth stocks, plus new all-time highs in the NASDAQ and the S&P 500 on last Friday’s opening, despite a dismal presidential debate the night before – but the best economic news last week was that the Fed’s favorite inflation indicator, the Personal Consumption Expenditure (PCE) index, was unchanged in May and has risen just 2.6% in the past year. Excluding food and energy, the core PCE rose 0.1% in May, so the annual pace of the core PCE index is now running at its lowest level since March 2021, telling us the Fed has some justification for cutting rates on July 31st.
