Weekly Market Commentary - 7.4.22

ECONOMIC REVIEW

• Headline Personal Consumption Expenditure (PCE) increased 0.7% on a month over month basis and 6.3% on a year over year basis.

• Core PCE increased 0.4% month over month basis and 4.7% on a year over year basis.

• The ISM manufacturing index decreased more than expected, with the index coming in at 53.0 compared to the expectation of 54.5.

o The index during the previous month was at 56.1.

o It is important to note that any number over 50 signals expansionary growth.

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