US May Core PCE Data Released

The US has just released its May core PCE inflation data, with market expectations at 3.4%. The actual release met expectations, with the data only 0.1% higher than the previous value,

and this is data from when oil prices surged in May. Oil prices have now fallen significantly. Additionally, the monthly rate for May's durable goods orders was -4.5%, indicating that corporate investment and manufacturing demand are cooling down.

Overall, it's a neutral-to-slightly-positive report. After the data was released, the market also saw a small rally.

Market expectations are that the Federal Reserve's earliest possible rate hike could be in September, so we still have several months of data to watch. If inflation declines by then, the probability of a rate hike will also decrease, so the market still has enough time to observe.

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