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🇺🇸 Three months at 3.4%: core PCE won't budge, and the economy won't help
The day in view

🇺🇸 Three months at 3.4%: core PCE won't budge, and the economy won't help

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Core PCE held at 3.4% year-over-year for a third consecutive month in May. Personal income beat at +0.7% and Q1 GDP was revised to 2.1%, closing the door on near-term cuts.

Bloomberg line chart with orange and blue lines for US PCE Core and Chain Type Price Indices YoY from 1990-2026, latest values labeled 3.4 and 4.1.
Core PCE inflation steady at 3.4% year-over-year in May, consistent with the prior month and expectations alongside the Q1 GDP upgrade. Source

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