Markets Drift On Thin Conviction with Little Equity Reaction to Hotter PCE; Oil Tests $80, Meta Settles for Up to $16.7B

PCE was a little hotter than expected. Core-PCE (Fed’s preferred gauge), as expected: PCE 0.2% MoM, Exp. 0.1% / PCE 3.7% YoY, Exp. 3.6% PCE Core 0.2% MoM, Exp. 0.2% / PCE Core 3.3%, Exp. 3.3% Overall, there was little reaction from the equity market after this morning’s data dump. Yields moved a little higher….