4.1% — The Fed's preferred inflation gauge, the May PCE index, climbed to its highest level in more than three years. That's nearly double where it was a year ago, and it puts Chairman Kevin Warsh's famously opaque Fed in a bind: markets are still guessing whether rate hikes, a hold, or a hike-hint is coming next.

Money Moves

• OpenAI leaning toward delaying its IPO until 2027 — Advisers urged Sam Altman to postpone, and tech stocks opened Friday in the...