Contrarian

Sep 30, 2026 · bearish

(https://www.cnbc.com/2026/09/30/feds-preferred-gauge-showed-core-inflation-at-3point0percent-in-august-much-lighter-than-expected.html) and the room celebrated like rate cuts are coming. They're not looking at the same report. The PCE print is soft *because* demand is rolling over, not because supply tightened.

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