The core PCE data for May in the U.S. announced today has increased compared to the previous value. The core PCE is the data that the Federal Reserve is most concerned about. When the Federal Reserve talks about inflation being 2%, it refers to the core PCE. Therefore, a rise in this data indicates a deviation from the Federal Reserve's expectations.

From the detailed data, the month-on-month core PCE has also risen, and the annual overall PCE has increased as well. There is indeed a trend of rising inflation in the U.S., but personal spending has surprisingly decreased, indicating deflation.

This suggests that on one hand, inflation in the U.S. is rising, while on the other hand, the willingness of investors to consume is decreasing. Personally, it seems that in April, there was an increase in consumer willingness due to tariffs, but in May, it returned to normal. That’s generally how it appears.

Overall, this inflation data is not friendly. Currently, the rising inflation is mainly driven by housing, certain goods, and used cars. Generally speaking, tariffs have had a certain impact, and wage levels are also decreasing, which is not a very good signal for the market. However, it should not affect the Federal Reserve's interest rate cuts in the fourth quarter. $BTC #美国5月核心PCE物价指数