Summary: US core PCE price index up 0.4% in April, in line with expectations; annual rate accelerates from 4.6% to 4.7%; NAB: deflater indicates “little progress” on inflation fight; short-term Treasury yields rise; Fed rate-cut expectations for 2024 soften. 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%...