April PCE, released Thursday May 28 at 8:30 AM ET, printed in line with consensus - headline 3.8% YoY (highest since May 2023) and core 3.3% YoY (highest since November 2023) - but the monthly pace softened, headline +0.4% m/m (from +0.7% in March) and core +0.2% m/m (from +0.3%). The formal stagflation invalidation indicator confirmed sticky above-target core without an upside surprise, and the soft monthly read supported a relief rally and a bond bid.