【US PCE inflation stagnation progresses, while consumer spending remains strong】According to Golden Finance, the PCE inflation data favored by the Federal Reserve showed its first stagnation in nearly a year in March, with strong consumer spending providing a welcome relief before the market anticipated tariffs would generally push up prices. Data released by the U.S. Bureau of Economic Analysis shows that the PCE index has stalled since February. Excluding food and energy, the core PCE also remained flat, marking the mildest level in nearly five years. After adjusting for inflation, the actual personal consumption expenditure month-on-month growth rate in March was 0.7%, which was previously revised upwards from the previous month, indicating that households are spending heavily to avoid new tariffs. This data wraps up the first quarter, during which the U.S. economy experienced its first contraction since 2022 due to a surge in imports ahead of tariffs and relatively moderate consumer spending. (Jin Shi)