The U.S Commerce Department released this morning its Income Report regarding May where Personal Income rose by 0.3% short from the prior reading as well as the median estimates of 0.4%, while Personal Spending index came flat worse than the prior revised 0.3% and expected 0.1%.

The PCE deflator index rose by an annualized 2.5% as expected above the prior 2.2%, while Core PCE rose in May by 0.3% up from the prior rise of 0.1%, while compared with a year earlier, core PCE rose by 1.2% compared to the prior revised and forecasted 0.1%.