Here Comes PCE...

The October report on personal spending and income, as well as the latest inflation reading from the personal consumption expenditures index, is set for release at the bottom of the hour.

Expectations are for personal income to rise 0.4% with personal spending expected to rise 0.3%.

PCE is expected to be flat month-on-month in October and rise 1.4% year-over-year, while "core" PCE, which excludes the more volatile costs of food and energy, is expected to rise 0.2% month-on-month and 1.5% year-over-year.

PCE, rather than CPI, is the Federal Reserve's preferred measure of inflation.

Last month, personal spending fell 0.2% and personal income rose 0.2%, while core PCE rose 0.1% month-on-month.

Wednesday is a busy morning for US economic data ahead of the Thanksgiving holiday, with housing data, employment data, and manufacturing data also expected this morning.

We'll be back with the live numbers when they hit.