美联储最爱通胀指标温和上升，5月核心PCE物价环比上涨0.2%，消费支出创年初最大降幅

Core Insights - The core Personal Consumption Expenditures (PCE) price index in May rose by 0.2%, slightly exceeding expectations, indicating persistent price pressures [1][5] - Consumer spending in the U.S. experienced its largest decline since the beginning of the year, reflecting growing uncertainty in the economic outlook due to government policies [1][8] Inflation Indicators - The year-on-year core PCE price index for May was 2.68%, above the expected 2.6% and the previous value of 2.5% [3] - The overall PCE price index for May showed a year-on-year increase of 2.3%, matching expectations but up from 2.1% previously [4] - SuperCore PCE, which excludes food and energy, increased slightly to 3.12% year-on-year from 3.07% [5] Consumer Spending and Income - Personal consumption expenditures fell by 0.3% in May, with a notable 6% drop in automobile purchases, reversing previous gains [11] - Personal income also declined, marking the largest drop since 2021, primarily due to reduced government transfer payments [12] - The savings rate decreased significantly to 4.5% of disposable income [14] Economic Outlook - Many economists anticipate a rise in inflation in the coming months as higher import tariffs are passed on to consumers [9] - Federal Reserve officials have indicated potential support for interest rate cuts if inflation remains moderate, with discussions around a possible cut as early as the next policy meeting [16] Market Reaction - The U.S. dollar index experienced a short-term decline, dropping 0.16% to 97.12 [18]