Macro Briefing: 28 March 2024

* Fed Governor Waller says he’s in “no rush” to cut rates
* Rally in US stocks won’t be disrupted if rate cuts delayed: TS Lombard economist
* China’s surplus of clean energy products depressing prices: Treasury Sec. Yellen
* So-called Buffett Indicator is flashing red for stock market
* Japanese yen falls to 34-year low against US dollar
* Commodities continue to reflect rising price trend this year:

Tomorrow’s release (Fri., Mar. 29) of the Personal Consumption Expenditure (PCE) report is expected to show that headline inflation eased to a monthly 0.3% rise in February, according to the consensus point forecast via Econoday.com. If correct, the news will provide a degree of support for thinking that the January surge in inflation was a one-off event. But at the same time, economists still see the year-over-year change in headline PCE inflation ticking up to 2.5% vs. 2.4% in January, suggesting that Friday’s inflation data is on track to deliver a mixed profile of pricing pressure for last month.