May's PCE M/M release was under consensus expectations of 0.03 percent at 0.02 percent while PCE Y/Y was in line with its consensus of 1.8 percent.
May's PCE release included a $58.8 billion increase personal income and a $55.6 billion increase in disposable personal income (DPI).
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Personal Consumption Expenditure is the inflation measure that the federal reserve focuses on when conducting stimulus. The federal reserve claims they also focus on Consumer Price Index (CPI) in regards to inflation, but claim the survey measure of PCE is preferable.
Currently, the federal reserve anticipates two percent inflation in the long-run after discontinuing its bond purchasing program. However the Fed stated in the last FOMC minutes that if inflation changes dramatically during its stimulus then it will alter the amount of its bond purchases. Currently, the FOMC intends to purchase mortgage-backed securities at the pace of $15 billion per month and longer-term Treasury securities at a pace of $20 billion per month starting in July.