The core PCE data released on Friday revealed a slight uptick in inflation, with a reading of 2.8%. As uncertainty surrounding potential Federal Reserve rate cuts loom, Wells Fargo Investment Institute Global Market Strategist Gary Schlossberg joins The Morning Brief to discuss the implications of this data for markets. Schlossberg acknowledges that while inflation is coming down, the pace of disinflation has "slowed." In light of the recent inflation data showing a slight uptick, he says "the jury is still out" on what this means for potential rate cuts. However, Schlossberg believes the job market is "holding up quite well," with unemployment ticking down, indicating "good momentum." He suggests that the Fed may not be "in any real rush to cut interest rates." Schlossberg advises investors to "maintain an element of caution" in current market conditions. He recommends defensive stocks, quality stocks, and large-cap stocks due to "soft spots" in the market and uncertainty surrounding earnings growth. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. Editor's note: This article was written by Angel Smith

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