Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

U.S. June Personal Income and Spending - Core PCE Prices Lower, Income Underperforming Spending

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<ul>
<li>August’s PCE price data, up 0.1% both overall and core (0.09% and 0.13% respectively before rounding) shows the core rate softer than expected, and well below the 0.3% core CPI.</li>
<li>Personal income and spending gains 0.2% and are both on the low side of expectations but a narrower August advance goods trade deficit of $94.3bn from $102.8bn leaves positive.</li>
<li>Yr/Yr PCE prices fell to 2.2% from 2.5%, weaker than expected, though the core rate at 2.7% from 2.6% is slightly stronger than expected.</li>
</ul>


August’s PCE price data, up 0.1% both overall and core (0.09% and 0.13% respectively before rounding) shows the core rate softer than expected, and well below the 0.3% core CPI.
Personal income and spending gains 0.2% and are both on the low side of expectations but a narrower August advance goods trade deficit of $94.3bn from $102.8bn leaves positive.
Yr/Yr PCE prices fell to 2.2% from 2.5%, weaker than expected, though the core rate at 2.7% from 2.6% is slightly stronger than expected.


U.S. August Personal Income and Spending - Core PCE Prices Looking Subdued in Q3