Overall, this morning's set of US data releases is broadly consistent with consensus forecasts (please see prior post), featuring slightly cooler monthly PCE inflation at both the core and headline levels, stronger durable goods orders, and a downward revision to Q1 GDP.

While weekly initial jobless claims remained relatively low at 215,000, income growth was flat month-on-month, undershooting the consensus forecast of 0.4%, while consumer spending grew 0.5%.

Ultimately, this data mix is unlikely to significantly alter either the consensus economic narrative or current market levels.

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