December PCE update

This morning, the Bureau of Economic Analysis released the December 2008 personal consumption expenditure (PCE) price index data. The following chart plots the headline and core PCE for the most recent five year period. Due to delayed release of this data, we were not able to include it in today’s investment letter. In December, the year-over-year headline PCE was 0.632% and the core PCE was 1.655%.


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