🚨 US INFLATION ISN’T DONE YET
US Personal Consumption Expenditures (PCE) inflation
rose from 2.7% YoY (October) to 2.8% YoY (November).
That’s above the FED’s 2% target — again.
Why This Matters
PCE is the FED’s preferred inflation gauge.
When it moves higher, policy pressure returns.
This isn’t a one-off print.
It suggests inflation remains sticky, not defeated.
The Bigger Message
The market narrative says inflation is “under control.”
The data says otherwise.
Once inflation embeds itself:
• It’s harder to cool
• Rate cuts become riskier
• Policy mistakes get more expensive
The Reality Check
Inflation isn’t collapsing.
It’s refusing to disappear.
👉 The genie is out of the bottle — and the FED can’t easily put it back in.
Why Markets Care
• Delayed or fewer rate cuts
• Volatility across risk assets
• Continued demand for hard assets & hedges
Macro pressure is still alive.
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