MARKET DAILY

Market 06/28: May PCE reinforces expectations for Fed rate cut

Spending growth slows compared to income growth -- US presidential election: prediction of Republican dominance -- Chicago PMI unexpectedly surges.

PCE continues to decline: confirms effectiveness of interest rate policy.

Headline PCE: up +2.6% YoY (in line with estimates | previous month: +2.7%).

Core PCE: up +2.6% YoY (in line with estimates | previous: +2.8%) - lowest increase since early 2021.

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