Fed keeping rates higher for some time | 29 May 2023

GBPUSD trading plan:

The U.S. Commerce Department said that the personal consumption expenditures price index increased 0.4% in April after rising 0.1% in March. Year to date, the PCE price index increased 4.4% after advancing 4.2% in March. Excluding the volatile food and energy components, the PCE price index climbed 0.4% after rising 0.3% in March. The so-called core PCE price index increased 4.7% on a year-on-year basis in April after gaining 4.6% in March. The Fed tracks the PCE price indexes for its 2% inflation target. The PCE showed that inflation remains stubborn. It feels like we're getting the debt ceiling drama close to the finish line, but we still have to be concerned about what's next for the Fed.

Investment idea: range 1.2300 - 1.2400.