4.1% — That's where the US Personal Consumption Expenditures (PCE) Price Index landed in May, the Fed's preferred inflation gauge hitting its highest mark in three years. Core PCE, which strips out food and energy, rose to 3.4%, up from 3.3% in April. Both numbers sit at more than double the Fed's 2% target, and markets took the hint: the probability of a September rate hike now sits around 80%, according to CME Fed funds futures, even as July looks like a...