Editorial companion

What stands out

Joe Mazzola argues that a cooler Personal Consumption Expenditures (PCE, the Fed’s preferred inflation gauge) print does not erase the risk of persistent price pressure elsewhere in the economy, and that could keep consumers squeezed. He also warns that midterm-election volatility and a high earnings bar will create a tricky quarter for markets. On Micron (MU), Mazzola highlights clear AI-driven strength in the report alongside investor hesitation about gross margins and asks whether the stock is "priced for perfection."