Good morning.

Good morning. This week's big US data releases come tomorrow, including the PCE inflation measure for May, widely regarded as the Federal Reserve’s favorite inflation indicator. The main question is less whether both headline and core go up—they are widely expected to—but rather how “stale” these numbers already are. Specifically, the consensus forecast is for monthly headline inflation to edge higher from 0.4% to 0.5%, with the annual rate rising from 3.8% to 4.1%. Monthly core is expected at 0 — via @elerianm

Upcoming PCE inflation for May is Fed's key indicator, driving pre-data anticipation.