The PCE price index for April was expected to show an annual inflation rate of 3.8% for all items and 3.3% for core.

The PCE price index for April was expected to show an annual inflation rate of 3.8% for all items and 3.3% for core.

April PCE rose to 3.8% YoY, the highest since May 2023, as the Hormuz energy shock fed through. Core PCE hit 3.3% while Q1 GDP was revised down to 1.6%.