Framing Analysis
The PCE Price Index increased 4.1 percent year-over-year and 0.4 percent month-over-month in May, with the core measure rising 3.4 percent year-over-year. Both headline and core readings reached multi-month highs according to available data. Markets currently price a 30 percent chance of a Federal Reserve rate increase at the July meeting and an 80 percent chance by year-end.