U.S. Inflation Persistence Ahead of July CPI

May PCE at 4.1% (3-year high) and core PCE revised up to 3.3% confirm energy-driven inflation persistence. July CPI expected at 0.9% headline (vs -0.4% prior), which would reinforce higher-for-longer rates. JPMorgan warns of a 'new inflationary era'. Markets pricing no rate cuts until 2028. Nominal spending growing at 6.5% YoY and core inflation near 4% over six months underscore the persistence.