The PCE index fell 0.045% month on month (MoM) in March, the largest monthly decline since COVID-19, which should be a good thing for those who expect the Federal Reserve to cut interest rates. Mainly due to the shrinkage of non durable goods such as clothing and household items, the growth rate of service consumption has also decreased. However, this is somewhat counterintuitive, as retail sales in the United States rose sharply by 1.4% in March, the largest month on month increase in over two years.