Fresh PCE numbers just dropped from the US, and they're painting an interesting picture.

Personal Consumption Expenditures hit 0.3% month-over-month, matching expectations perfectly. Year-over-year? Sitting at 2.8%, right where analysts called it.

The real story? Core PCE. Monthly figure came in at 0.2%—no surprises there. But the annual rate landed at 2.8%, slipping below the 2.9% forecast. That's the Fed's favorite inflation gauge showing actual cooling.

What does this tell us? Inflation pressures aren't accelerating. In fact, they're easing off slightly. Core metrics trending down could shift central bank sentiment faster than most expect. Markets always react when the data contradicts the narrative.