So the core PCE deflator has indeed come in at 0.3% month-on-month, with upward revisions to January and February, rather than the 0.48% MoM implied by the quarterly PCE deflator from yesterday, assuming no revisions. In the great scheme of things, inflation was still far too hot in the first quarter, but the monthly profile doesn't look as concerning as it could have done so we are seeing a little bit of a relief rally in Treasuries. January has been revised from 0.45 to 0.50 and February is now 0.27 rather than 0.26 with March at 0.32. This remains well above the 0.17% MoM we need to average over time to bring the ... (full story)