Dan Deming expects August's PCE report to come in line with expectations, but warns that the full impact of tariffs on inflation may not yet be priced in. He notes that today's corporate profit data was a miss, but the consumer remains strong, with spending up 2.5% for the quarter. Deming also discusses the moves in the commodity space, particularly in gold and silver, which he believes could be a "canary in the coal mine" for potential market disruption.
Market On Close
26 Sep 2025
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