Quick Take
Troubling new numbers from the Fed’s preferred inflation metric, the Personal Consumption Expenditure (PCE) Price Index, are set to be released today.
The PCE Index measures the changes in the cost of consumer goods and services month over month; today’s numbers are expected to surpass the anticipated 3.9% to reach 4.4%.
The Kobessi Letter summarized the PCE inflation report in a tweet pointing out that PCE inflation for both April and May were higher than expected.
Markets are now forecasting a further 25-basis point rate hike, raising the federal funds rate to 5.25-5.50%.
Probabilities: (Source: CME)
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