Summary: US core PCE price index up 0.6% in June, more than expected; annual rate ticks up from 4.7% to 4.8%; normalising of inflation pressures in doubt after report; long-term Treasury yields down modestly; rate rises still expected. 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...