US Real Personal Spending (Aug MM) 0.6% (Prev. 0.1%)

The distinction worth drawing is between a genuine demand-driven beat and one flattered by price effects or revisions, since the deflator released alongside is what determines how much of the nominal spend is volume. Consumer spending carries a large share of GDP, so a string of firm reads has tended to matter more for the Fed's reaction function than any single print, particularly where it sits against the committee's data-dependence framing. The immediate follow-ons are the income and saving components in the same report, the PCE deflator as the Fed's preferred gauge, and whether subsequent hard data confirm the acceleration or mark it as noise. Strength here is the combination that has historically kept cuts priced out rather than priced in.