US PCE Estimates following July CPI

Pantheon Macroeconomics: "We provisionally estimate that the core PCE deflator rose by 0.16% in July, dragging down the inflation rate to 3.2%, from 3.3% in June. Our estimate likely will shift slightly after tomorrow’s PPI data, but it would take a big upside surprise to leave an increase of more than 0.20% looking likely." in terms of the policy implications, they write that is "good enough" for the Fed to be on-hold in September. Oxford Economics: "Our preliminary nowcast of the PCE index calls for a 0.1% m/m rise in the headline index and a 0.2% increase in the core index, in line with the CPI figures." and, on the Fed, they write that the data "bolsters the case for a September hold".