US financial daily, Fed and markets coverage

Reports May PCE at 4.1% y/y, the third consecutive monthly acceleration; notes the reading all but eliminates the possibility of a Fed rate cut before November and quotes futures markets moving the first expected cut to March 2027; flags the Apple memory-price hike as a visible pass-through to goods inflation.

“The third straight monthly acceleration in PCE puts a September Fed rate cut effectively off the table, with futures now pricing first easing no earlier than March 2027.”