On a year-over-year basis, the PCE price index climbed 4.4%.The same report showed that personal income rose 0.4% compared to the previous month, while spending rose 0.8%. "Hype over AI investing has quickly caused a bubble to form in AI stocks," writes SA analyst Logan Kane. The rally in Nvidia shares pushed other technology and chip stocks higher. Its guidance left many on Wall Street to suggest the figures are the start of the AI revolution. As both sides struggle to come to a deal, Treasury Secretary Janet Yellen yesterday moved the so-called X-date by a few days.

Source: Wall Street Journal May 27, 2023 20:06 UTC