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<p>Inflation is continuing to heat up according to today’s core Personal Consumption Expenditures (PCE) report.&nbsp; Core PCE, which is the Federal Reserve’s preferred inflation measure, rose to 3.4% in May – the highest level since 1992.&nbsp; This was well above the Fed’s 2% inflation target for the second straight month, and as a result, it has started to pressure Fed officials to scale back on their stimulus efforts.&nbsp; While the debate rages on as to the persistence of today’s pricing pressures, as long as the leading inflation gauges are moving higher (see last Friday’s report), any inflationary surprises will likely continue to be to the upside.</p>
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