Trade services PPI surged a record +2.7% MoM in April while the 10-year Treasury yield fell 24 basis points on ceasefire hopes. Core PCE rose to 3.3% YoY and three FOMC hawks formally dissented, flagging hike optionality the market has not priced.
Atlanta Fed dashboard shows year-over-year underlying PCE measures remain elevated above the FOMC's 2% target despite some near-term slowing after the April release. Source
