The U.S. June personal income report was as expected and the data are already incorporated into the second quarter gross domestic product estimate, so there is little to conclude other than that hurdles to growth remain.

June personal income printed down 1.3% in its largest drop since January 2005 and personal consumption expenditures were up 0.4%. PCE core prices posted plus-0.2% for a 1.5% increase over the year.

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