The June report of the Personal Consumption Expenditure (PCE) price index shows a gradual decrease in price pressures across the economy. The Fed's preferred measure of underlying inflation fell to 4.1% YoY, slightly below economist projections of 4.2%. Concurrently, consumer spending increased 0.5% in June, exceeding estimates of a 0.4% gain. The SPDR S&P 500 ETF Trust (NYSE:SPY) achieved new yearly highs on Thursday, but fell 0.7% due to a surprising policy tweak by the Bank of Japan.