The US dollar initially rallied after the dual releases of PCE inflation data and durable goods orders. The latter was strong and that initially carried the day but a closer look at PCE put the focus back on inflation and the likelihood the Fed will reach its target sooner.PCE core inflation rose 3.2% y/y, which was below the 3.3% expected. In addition, the monthly number at 0.1% (0.09% unrounded) was below 0.2% expected.Importantly, the next three months will have a tailwind on core inflation as they will lap Dec, Jan and Feb 2023 numbers of +0.3%, +0.6% and +0.3%, respectively. As those numbers fall off, it will further pull core inflation to target (and with headline inflation starting at
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