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.
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 .
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