Inflation Report on Friday: Obviously, inflation is the big concern for the markets and how it relates to valuations and Federal Reserve monetary policy. The Personal Consumption Expenditures is expected to be reported up 5.1%, lower than last month of 5.4% year over year. Most of the major components have been rapidly declining. The PCE peaked in June 2022 at up 7%, we are thinking that inflation may be surprisingly low by the time June is reported.

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