Two Fed Cuts Very Much In Play As Core Inflation Cools

As expected, the Fed's preferred measure of inflation in the US moderated further in May, according to Friday's update which, despite being a "top-tier" macro input, felt like an afterthought. The PCE release was billed as pivotal just like every US inflation update and every US jobs report. Everything's "pivotal" these days. Have you noticed that? It's not a coincidence. Everything has to be "pivotal." If it's not, you might tune out. Then what would Bloomberg do? What would I do? What would a