May core PCE +1.4% y/y vs +1.4% expected

• Prior was 1.5%
• Core +0.1% m/m vs +0.1% expected
• Prior core +0.2% m/m (revised to +0.1%)
• PCE deflator +1.4% y/y vs +1.5% expected
• Prior PCE deflator +1.7% y/y

The core numbers were inline with expectations but headline inflation missed estimates on the downside and was lower than April. That's the kind of trend that will keep the Fed on the sidelines. And don't forget that from May to June, oil prices fell more than 15%.
Income and spending (all m/m):