Forecasters who can transpose the PPI and CPI into the May PCE are expecting a firm core print (and wide wedge with the CPI) on Thursday morning, yielding a 3.4% increase from a year earlier. For context, four FOMC participants expect core PCE to end the year at 3.2% or lower. Another four expect it to end the year at 3.5% of higher. The remaining 10 have it at 3.3%-3.4% on a Q4-Q4 basis.(Nick Timiraos)