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US PCE inflation remains muted, income surged while spending dived

US personal income rose 1.0% in December, beat expectation of 0.3%. That’s the biggest rise since 2012. Personal spending dropped -0.5%, missed expectation of 0.1%. The decline in spending was the steepest since 2009. Inflation data are muted. Headline PCE slowed to 1.7% yoy, down from 1.8% yoy. PCE core was unchanged at 1.9% yoy.

From Canada, GDP dropped -0.1% mom in December, below expectation of 0.0% mom.

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