The ranges of estimates are important in terms of market reaction because when the actual data deviates from the expectations, it creates a surprise effect. Another important input in market's reaction is the distribution of forecasts.

In fact, although we can have a range of estimates, most forecasts might be clustered on the upper bound of the range, so even if the data comes out inside the range of estimates but on the lower bound of the range, it can still create a surprise effect.

We can ignore the headline PCE as the market will focus on the Core figures. We can notice that the expectations are skewed to the downside.

Fed Chair Powell mentioned that they expect 2.8% Y/Y on the Core PCE and WSJ's Fedwatcher Nick Timiraos shared on X the median estimate for Core PCE M/M at 0.13% from professional forecasters.