US personal income grew 10.5% mom, or USD 1.97T in April, versus expectation of -7.0% mom decline. Spending, on the other hand, dropped -13.6% mom, or USD 1.89T, worse than expectation of -12.6% mom. Headline PCE price index slowed to 0.5% yoy, down from 1.3% yoy. Core PCE price index also dropped to 1.0% yoy, down from 1.7% yoy.

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