5/30/2023 Market Snapshot: Agreement in Washington, PCE Index News

The U.S. debt ceiling weighed on the markets early in the week but as of the weekend,
the President and House Leaders reached an agreement to suspend the limit for two years and lower certain government spending. The bill is scheduled to go to the House Rules Committee on Tuesday before going to the full House for a vote on Wednesday. Other noteworthy economic news this week included the Personal Consumption Expenditures (PCE) Index which increased in April to 4.4% from the previous reading of 4.2% in March. This metric is one of the Federal Reserve’s preferred readings on inflation.