MACRO: U.S. April PCE inflation meets expectations; core monthly reading undershoots

MACRO: U.S. personal consumption expenditures (PCE) inflation for April was in line with or slightly below forecasts. Headline PCE rose 3.8% year over year, matching the 3.8% estimate. Core PCE increased 3.3% year over year, in line with the 3.3% estimate. Core PCE rose 0.2% month over month, below the 0.3% estimate.