Futures market expectations for Fed's 25 basis point rate hike in June rise to 64%

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The core personal consumption expenditures price index released by the US Department of Labor on Friday showed that it rose 0.4% in April and rose 4.7% year-on-year, both slightly higher than expected. Despite higher inflation, consumer spending has held up well as personal incomes have risen. Spending rose 0.8% for the month, while personal income rose 0.4%. Futures market expectations for a 25 basis point rate hike by the Fed in June rose to 64% after the report, according to CME Group .

Traders are also awaiting two key inflation-related data points, with the U.S. non-farm payrolls report for May due next Friday and the consumer price index on June 13.

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