Data released moments ago by the US Bureau of Economic Analysis showed a rise in US personal income by $2.91 billion in May, an increase of 0.4%. The PCE personal consumption expenditures index, the preferred indicator for measuring inflation for the US Federal Reserve, rose by 0.3% on a monthly basis from 0.4%, in contrast.

The main index excluding food and energy prices increased by 0.1% compared to 0.4%. The annual index slowed down and rose to 4.6% in May compared to 4.7% in the April reading, below expectations that indicated a rise of 4.9%. The main index excluding food and energy prices rose to 3.8% compared to 4.3% in the April reading.