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The Scotiabank analysts offer a sneak peek at what to expect from Friday’s American docket.

Key Quotes:

“PCE: From 1.6% y/y in July, the reading could climb to 1.8% and thus make further progress toward the Fed’s 2% inflation target. Core PCE inflation bottomed at 1.46% y/y in May and rose to 1.58% in July. If expectations come through for August, then this would be a fairly sudden rebound. It would also help to close the unusually large gap between core CPI inflation and core PCE inflation.

Durable goods orders: Friday’s reading for August is expected to be a soft report all around. Headline orders will be weighed down by soft plane orders. Boeing registered only six new plane orders in August following thirty-one in July. In fact, for the year-to-date, Boeing has had more cancellations than orders, for net new orders equal to minus 85 planes. This is entirely due to the 737 order book that has had minus 183 net orders. All other planes offered by Boeing have had only ninety-eight net orders which is quite soft compared to prior years.”