Morgan Stanley number crunchers are out with their estimate for core PCE. they see it at 0.16% MoM. For the headline PCE figure they see it at 0.26%.

In other bank comments today:

  • Wells Fargo expects Fed to deliver two 25 basis point cuts this year in September and December
  • Citgoroup CFO says consumer has proven to be quite resilient. They add that the M&A pipeline is very strong
  • JPM Chase Dimon says successor path is up to board and not just about him. He expects to stay around for a few more years . Inflationary pressure continues and bank is creating efficiencies to help offset it.
  • Goldman CEO says meaningful shift in confidence, particularly following the results of the US election. They add that the Fed's current stress testing creates uncertainty