pino428 @pino428: "𝘿𝙚𝙖𝙧 𝘾𝙤𝙥𝙞𝙚𝙧𝙨 𝙖𝙣𝙙 𝙛𝙤𝙡𝙡𝙤𝙬𝙚𝙧𝙨, 𝙬𝙚𝙡𝙘𝙤𝙢𝙚..."

Italy

𝘿𝙚𝙖𝙧 𝘾𝙤𝙥𝙞𝙚𝙧𝙨 𝙖𝙣𝙙 𝙛𝙤𝙡𝙡𝙤𝙬𝙚𝙧𝙨, 𝙬𝙚𝙡𝙘𝙤𝙢𝙚 𝙗𝙖𝙘𝙠. 𝙄𝙉𝙁𝙇𝘼𝙏𝙄𝙊𝙉 𝘿𝘼𝙏𝘼 The Personal Consumption Expenditures (PCE) price index, a key inflation measure, increased 0.2% in the latest month and 2.3% over the past year, aligning with analysts' predictions. Core PCE, which excludes volatile food and energy prices, rose 0.3% month-over-month and 2.8% year-over-year, also in line with expectations. Consumer spending increased 0.4% as anticipated, while personal income surged 0.6%, significantly surpassing the estimated 0.3% increase. Although the Core PCE index shows signs of moderation, inflationary pressures, especially in the services sector, persist. This has a negative impact on real spending, contracting by 0.3%. Forecasts indicate an acceleration in overall inflation in November, suggesting that the struggle to tame it is still ongoing. 𝙃𝙊𝙐𝙎𝙀 𝙈𝘼𝙍𝙆𝙀𝙏 The real estate market gave mixed signals, with Building Permits (MOM) slightly better than expected (1,419M vs 1,416M). The house price index rose 0.7% in September compared to the 0.3% expected. MBA mortgage requests increased 6.3%, but new home sales in October fell -17.3%. However, pending home sales increased +2%. 𝙇𝘼𝘽𝙊𝙐𝙍 𝙈𝘼𝙍𝙆𝙀𝙏 We also had mixed signals for the labour market, with Continuing Jobless Claims decreasing compared to forecasts (1,907K vs 1910K) but still at levels not seen since 2021. Initial Jobless Claims below expectations (213K vs 215K). Data on Durable goods orders in October were also released, which increased by 0.2% compared to an expected -0.8%. If we exclude defence-related orders, we stand at +0.4%. 𝙏𝙃𝙀 𝙁𝙀𝘿'𝙎 𝙉𝙀𝙓𝙏 𝙎𝙏𝙀𝙋 Despite inflationary pressures and high interest rate levels, the American economy still shows signs of resilience. The American central bank finds itself in the delicate situation of keeping interest rates too high, excessively tightening the economy and causing a possible recession. On the other hand, an excessive reduction in rates could lead to the economy overheating quickly and with risks of peaks in inflation. The next FED meeting is expected on December 18th and the market is pricing a 25 basis point cut with a 66% probability. Thank you for your support. $SPX500 $BTC $GOOG (Alphabet) $SNOW (Snowflake Inc.)

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