• Spending +0.2 vs +0.3 forecast
• Income +0.4 vs +0.3 forecast
• Core PCE +0.3 vs +0.2 forecast
• Core PCE y/y +1.7 vs +1.7 previously

With Core PCE holding at 1.7 year-over-year, there's no substantial bias in the Incomes and Outlays (official name of this report) data.   Better-than-expected income and month-over-month PCE  is a problem, however, and it looks to be offsetting the weaker-than-expected spending.

10yr yields are just slightly higher after the data (though, notably, their first reaction was to move slightly lower).  Fannie 3.5s remain flat at 102-00 (down just over a quarter point on the day).