The big Personal Consumption Expenditures (PCE) report came out this morning, largely in-line with expectations with a couple exceptions. Headline month-over-month PCE for August was as expected at +0.4%, double the previous two months of +0.2%, largely on higher fuel prices in particular pockets of the economy. We see here how equilibrium remains difficult to attain, and that differentiating these metrics can help give a clearer picture for inventories, which was one of the key reasons inflation spiked in 2021 and 2022.