This morning’s PCE Price Index was the last of the major inflation reports from June. The data was inherently stale, but market friendly. Headline PCE rose by just +0.1% last month, equaling the median forecast, while the annual increase also met expectations at an agreeable +2.5%. Core PCE warmed a bit from May, up +0.2%, and held at +2.6% YoY. Boxes checked.

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