Accidentally overslept, today the core PCE data for May in the United States was announced, showing an increase compared to the previous value. The core PCE is the data that the Federal Reserve pays the most attention to. When the Federal Reserve talks about an inflation target of 2%, it refers to the core PCE, so an increase in this data indicates a departure from the Federal Reserve's expectations.

From the detailed data, the month-on-month core PCE has also risen, and the overall PCE year-on-year has increased as well. There is indeed a trend of rising inflation in the United States, but personal spending has surprisingly decreased, indicating deflation.

This suggests that on one hand, inflation in the U.S. is rising, while on the other hand, investors' willingness to consume is declining. It seems that in April, consumer willingness increased due to tariff concerns, but in May it returned to normal; this is generally how it should be.

Overall, this inflation data is not friendly. Currently, the rising inflation is mainly due to housing, certain goods, and used cars. Overall, tariffs have had a certain impact, and wage levels are also decreasing, which is not a good signal for the market. However, it should not affect the Federal Reserve's interest rate cuts in the fourth quarter.

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