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PCE ahead | US stock futures are slipping following a rally in the S&P 500 yesterday, while European stocks are up. Treasuries are rising and the dollar has edged higher, with the Federal Reserve's preferred PCE inflation metric on the slate for later. The data release is expected to show a degree of consumer caution in spending and saving. Most of the action has been in Asia, where the Japanese yen bounced as the ruling LDP chose Shigeru Ishiba — a backer of the Bank of Japan's efforts to normalize policy — as its new leader.
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