Wall Street has been impatiently waiting for better inflation news and the May Personal Consumption Expenditures Index (PCE) delivered. The Core PCE only increased by 0.08% and the Headline was essentially flat (-0.01%). The takeaway values from May 2023 were 0.1% and 0.30% so Headline annual PCE inflation dipped to 2.6% from 2.7% and the Core fell to 2.6% from 2.8%. Rather rallying in response to the good inflation news the S&P 500 fell -0.40% and Treasury bonds dropped by -0.84%....
