ECB President Lagarde (Q&A) says that they are confident that they are not currently seeing second-round effects, when asked if elevated services inflation was evidence of 2nd round effects

WSJ's Timiraos says "Early estimates of the May PCE number (following the Thurs release of May PPI and the CPI on Wed) point to a firm core m/m reading that rounds up to 0.4%. Market-based core was milder"

Analyst Core PCE Forecasts: Pantheon Macroeconomics estimate the core PCE deflator increased by 0.38% in May, lifting the inflation rate to 3.4%, from 3.3% in April

ECB President Lagarde (Q&A) says that they are confident that they are not currently seeing second-round effects, when asked if elevated services inflation was evidence of 2nd round effects

ECB President Lagarde (Q&A) says cannot say whether services inflation increase is attributable only to direct or also to indirect effects

ECB President Lagarde (Q&A) reiterates that, given that the level of uncertainty, policy will be set on a data-dependent, meeting-by-meeting basis, with no pre-commitments