After three months of significant acceleration in prices, The Fed's favorite inflation indicator - Core PCE (a measure of price changes in consumer goods and services that excludes volatile food and energy costs) - was expected to slow in June data released today.And it did - more than expected - Core PCE rose 0.1% MoM (below the 0.2% MoM expected) pulling the YoY rise down from +3.4% to +3.3%...The headline PCE saw 0.1% MoM drop in June - its first 'deflationary' print since April 2020 (COVID)Services once again dominated the MoM rise in PCE prices...And of course, while this is June data, we have seen oil prices rise since then (as Iran reignited), but it's not enough to trigger a rebound in the PCE Energy sub-index...Seems like Warsh was warranted in his hawkish hold?