The Commerce Department reported that the Personal Consumption Expenditures price index rose 3.8% year-over-year in April, up from 3.5% in March and 2.8% in February. Core PCE reached 3.3%, real consumer spending grew 0.1%, and the personal savings rate fell to 2.6%. The report marks the first inflation reading under new Fed Chair Kevin Warsh with the federal funds rate at 3.5-3.75%.