PCE Cooled. The 10-Year Did Not.

Today’s the last day of Q3. Pension rebalancing may still be in play, slightly distorting the tape, but that should have helped bonds, especially after the Fed’s William’s sent rate hike odds tumbling yesterday; and this morning’s Core-PCE came in cooler than expected (3.0% YoY vs. 3.3% expected). The problem with the print is that…