Summary: US core PCE price index up 0.3% in March; in line with expectations; annual rate slows from 5.3% to 5.2%; first slowing of annual rate since October 2020, more expected; Treasury yields up considerably; nearly 275bps of Fed rate rises priced in. 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...