April 10, 2026

In the United States, PCE inflation stood at +2.8% year-over-year in February

International

In the United States, the Personal Consumption Expenditures (PCE) inflation data was released yesterday. The figure for February showed a monthly increase of +0.4% and a year-over-year increase of +2.8%, while the core figure—which excludes food and energy—was +0.4% month-over-month and +3.0% year-over-year. In all cases, the figures were in line with analysts’ consensus forecasts. Additionally, the third and final GDP (Gross Domestic Product) reading for the fourth quarter of 2025 was released, showing annualized growth of +0.5% for the period, below the projected +0.7%. In 2025, GDP grew by +2.1% compared to 2024.

Against this backdrop, major U.S. stock indices rose yesterday. The S&P 500 gained +0.6%, as did the Dow Jones, while the Nasdaq gained +0.8% on the day. Thus, year-to-date, the indices have posted returns of -0.3%, +0.3%, and -1.8%, respectively.

Meanwhile, the U.S. Treasury yield curve flattened slightly. The 1-year Treasury yield closed at 3.66%, down from 3.67% previously, while the 3-year yield fell to 3.79% from 3.81%. In the 10-year segment, the yield fell from 4.29% to 4.28% yesterday.

Finally, commodities traded mixed during the session. WTI crude closed at $97.90, up +3.7%, while Brent closed at $95.90, gaining +1.2%. Meanwhile, gold rose +1.0% and closed at $4,766.90 per ounce, while soybeans also rose +0.3% and closed at $428.10 per ton.

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