America's inflation villain just showed a sliver of restraint. Thursday's PCE data — the Fed's favorite inflation gauge — came in with a monthly reading of 0.4%, below the 0.5% consensus. Markets immediately repriced rate hike expectations: July odds dropped to 28.9% from 34.2%, and September probabilities slid to 60.1% from 65.7%. The US Dollar Index weakened below 101.50, giving risk assets breathing room. Fed's Austan Goolsbee called it a...