00:00Let's get that economic data for you. Mike McKee has PCE and more. Good morning, Mike.
00:04Good morning, John. A lot of important data, though a little less meaningful since the war
00:08has started. These are all January numbers. The personal income price index that the Fed
00:13follows up three tenths during the month of January on a year over year basis. It slips to
00:192.8 percent from 2.9 percent in December. The core is up by four tenths, which is the same
00:28as
00:28expected and the same as the prior month. But we move up to 3.1 percent as forecast by
00:34economists. So that makes it much harder for the Fed to consider certainly rate cuts. Personal
00:39income up four tenths during the month after three tenths in December and personal spending
00:45up four tenths, a little stronger than anticipated, same as in December. We also have durable goods
00:52orders, durable goods orders flat on a headline basis and ex-transportation up four tenths.
00:59Capital goods orders, non-defense, ex-air. This is the core number that sort of goes into
01:04GDP. That is flat. No change there. And then we have the first update to GDP for the fourth
01:12quarter. It goes to 0.7 percent from 1.4 percent. So GDP cut in half for the fourth quarter.
01:22Personal
01:22consumption fell to 2 percent from 2.4 percent. So a lot to look at under the hood.
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