Friday's PCE data shouldn't be bad. Nick already analyzed it before, and it should be similar to the previous value. This data is considered a moderate increase, especially when you take into account the tariff hikes, which inevitably led to higher commodity prices. For the Fed, the more critical data might be next month's non-farm payroll report. Of course, saying the U.S. is in a full-blown recession right now— even the Fed wouldn't agree with that.