Personal income rose 0.2% in August, while personal spending increased 1.3%, fueled largely by the success of the “cash for clunkers” auto program, new data on personal consumption expenditures released by the Commerce Department yesterday indicated.
Core PCE was up 0.1%.
A poll of economists by IFR Markets had predicted that personal spending would increase 1.1% and that personal income would increase 0.1%.
The New York City Transitional Finance Authority leads the new-issue calendar with $2 billion of future tax-secured subordinate refunding bonds.
The Trump administration officially rolled out an Executive Order laying out federal policy on Artificial Intelligence which cements fears from states worried about the loss of broadband funding tied to the Bipartisan Infrastructure Law.
Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.
A review Moody's launched in September ended with rating downgrades and negative outlooks for the city's outstanding general obligation and revenue bonds.
The well-regarded pediatric hospital system is not alone in facing downgrades amid the myriad challenges healthcare has experienced in recent years.
Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
