Behind the Markets Podcast · Friday, August 14, 2026
A significant portion of the expected increase in the Personal Consumption Expenditures (PCE) deflator may be attributed to portfolio management fees. Goldman Sachs estimates that these fees could account for half of the projected two-tenths of a percent rise in PCE for July.
“And by the way, they mentioned that, um, the crazy, uh, measurement of portfolio fees because the stock market is going up and, uh, I don't know how that influences exactly, but they said that they expected the PCE overall to be up two tenths, half of that is portfolio management fees, which is crazy.”
“So if you take that up, it's up one tenth, that's their estimate for the month of July, which is certainly pretty good.”