There’s an old saying, TMI, or too much information, which is how it feels today with the avalanche of economic data. The most anticipated was the PCE release, which came in largely as expected, but it must be noted that the so-called super core PCE (core service ex-housing) came in sizzling.

On the other end of the spectrum was consumer spending, which was up only 0.2%, while personal incomes rocketed up 1.0%, way ahead of consensus of +0.3%.

Adjusted for inflation - real consumer spending was negative with huge declines in motor vehicles and durable goods.

Then there’s initial jobless claims and continuing jobless claims.  The latter cracked above 1.9 million.

Pending Home Sales were -4.9% vs. the consensus +1.5%, and the prior month was revised to +5.7% from the initial read +8.3%.

Leading up to today, the Fed was singing from the same hymn sheet – higher for longer.

Now Bostic says rate cuts this summer would be appropriate.