Zhipu AI has released its flagship GLM-5.1 model, which reportedly outperforms Anthropic’s Opus 4.6 on the SWE-bench Pro software engineering benchmark. The company also raised pricing by 10%, with coding token costs now approaching levels of Anthropic’s Claude Sonnet 4.6, according to OpenRouter.

Wall Street forecasters estimate the core PCE index (due Thursday) rose 0.39% in February, which would round to 0.4% for the third straight month. Because the Feb 2025 comparison is favorable (it was even higher a year ago), the 12-month rate is expected to hold at 3.0% (also, PPI revisions should pull January's figure down to 3.0% from 3.1%). The upshot: before the Iran war shock, core PCE was stuck at 3%, with the three-month annualized rate even higher than that.

FED'S GOOLSBEE: HOPEFULLY IMPACT FROM OIL WILL PROVE TEMPORARY