May 29, 2026

In the United States, PCE inflation for April was +3.8% year-on-year

International

In the United States, the Personal Consumption Expenditures (PCE) inflation data for April was released yesterday. The monthly figure came in at +0.4%, slightly below the estimated +0.5%, and at +3.8% year-over-year. Core inflation, which excludes food and energy, also came in below expectations, at +0.2% month-over-month and +3.3% year-over-year.

Furthermore, the second revision of the GDP (Gross Domestic Product) figure for the first quarter of 2026 in the United States was also released yesterday. The measurement showed economic growth of +1.6% annualized, below the +2.0% estimated by analysts, which was consistent with the initial estimate.

As for the main US stock indices, most closed higher yesterday. The S&P 500 gained 0.6% on the day, while the Nasdaq led the advance with a 0.9% increase, and the Dow Jones remained unchanged. Year-to-date gains for the S&P 500, Nasdaq, and Dow Jones stand unchanged at 10.5%, 15.8%, and 5.4%, respectively.

Finally, the US Treasury yield curve narrowed slightly. The 1-year Treasury note closed unchanged at 3.78%, while the 3-year Treasury note closed at 4.07%, just below Wednesday's 4.08%, and the 10-year Treasury note narrowed from 4.48% to 4.45%.

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