US data is better than expected: the employment cost index rose 0.7% in Q1, better than 0.6% predicted. Year over year, it is +2.6%, the highest since the crisis. Jobless claims made a remarkable drop to 262K, the best in a very long time. A disappointment comes from Core PCE: it falls to 1.3% y/y from 1.4% beforehand.
The US is gaining some ground — more coming
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