In line inflation and miss on spending has yields back to unch and slightly down

Headline PCE in May rose by one tenth m/o/m and by 3 tenths at the core level, both as expected. The y/o/y gains are now 3.8% and 4.6% y/o/y respectively vs 4.3% and 4.7% in the month before. Service prices were up by 5.3% y/o/y vs 5.5% in the two prior months (more heavily weighted to healthcare than housing in contrast to CPI). Goods prices were up by…