Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today is Friday, July 28th, and I'm your host, Kim Kahn.

Our top story in today's session.

It's been a good week if you're looking for stronger growth with lower prices.

Today's warning data showed that the dis- inflation trend is continuing. That should help keep another fed hike this year at bay as far as

Swats pricing is concerned at least. The core PCE price index, the Fed's

favorite inflation gauge, were a 0.2% in June. That was in line with expectations, but the annual rate

came in at 4.1%, a little lower than the 4.2% anticipated. Those figures arrive in the Inconsumption and Income Report.

Personal spending rose 0.5% for the month versus 0.4% consensus and 0.2% prior revised up.

Income rose 0.3% month over month,

versus up 0.4% expected and 0.5% prior.

The government also reported that the Q2 employment cost index eased to a 1% quarter to quarter 8.

That was also a touch lower than forecasts.

Pantheon Macro also flagged another number to watch,

PC Core Services ex-housing. They call this the Fed's current

fixation. It rose 3.7% annually, the first print below 4% since September.

Economist Ian Shepperson says the rollover in C. P. P. P. P. P. P.C.E. measure is constructed

slightly differently, and the two do not always move in lockstep. He says that while a couple of good months do not make a trend, they see good reasons to expect the down shift to persist, not least due to wage-worth softening more.

Now I look at today's trading. Stocks are rallying as Bulls try to cement a winning week. The NASDAQ is up more than 1.5% helped by a post earnings jump in Intel. The S&P, which went into the open little change for the week, is up a little less than 1%.

The Dow is up half a percent.

Rates are moving back down after a bounce yesterday.

The 10-year Treasury yield is back below 4 percent, and the 2-year is below 4.9 percent.

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