Summary: US core PCE price index up 0.3% in March, in line with expectations; annual rate slows from 4.7% to 4.6%; ANZ: “Fed will remain guarded”; Treasury yields fall; Fed rate-rise expectations for next two months unchanged. One of the US Fed’s favoured measures of inflation is the change in the core personal consumption expenditures (PCE) price index. After hitting the Fed’s target at the time of 2.0% in mid-2018,...