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US May inflation, as measured by the Personal Consumption Expenditures (PCE) Price Index, rose to 2.3% year-on-year, meeting expectations. The core PCE, excluding food and energy, increased to 2.7%. Personal income fell 0.4% and spending dropped 0.1% month-on-month. The US dollar weakened slightly following the report. Markets anticipate the Federal Reserve will maintain interest rates in July, despite some previous suggestions for a rate cut. The PCE data is a key indicator for the Fed's future monetary policy decisions.

Prepared by Christopher Adams and reviewed by editorial team.