The PCE price index - closely monitored by the Fed - shows an annual inflation rate for May down on April, by 0.1 points to 2.6% on a gross basis and by 0.2 points to 2.6% on an underlying basis (excluding energy and food).

The Commerce Department, which publishes these figures, also reports that US household spending rose by 0.2% in May compared with the previous month, while household income rose by 0.5%.

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