With the July CPI and PPI in hand, most forecasters that sharpen their pencils for this exercise have the July core PCE printing around 0.22% (2.67% annualized). This would imply no wedge with the July core CPI (also +0.22%), portfolio management fees are making a meaningful contribution to the core PCE measure this month. Analysts have market-based core prices coming in lower (a number that rounds down to 0.1%).(Nick Timiraos)