The Commerce Department reported that the personal consumption expenditures price index increased 3.8 percent year-over-year in April, up from 3.5 percent in March and 2.8 percent in February. The reading fell slightly below the 3.9 percent consensus forecast, while core PCE rose 3.3 percent; the report marks the first under new Federal Reserve Chair Kevin Warsh, who oversees a prior projection of one rate cut for 2026.