The Federal Reserve's primary inflation rate gets an update for April on Friday morning, and it could provide some relief for the S&P 500. That's because markets are suddenly betting that the Fed isn't done hiking. Yet a third straight moderate reading for the inflation rate highlighted by chair Jerome Powell as key to the outlook would give Fed doves the upper hand. Wall Street economists expect the personal consumption expenditures, or PCE, price index to rise 0.3% in April. That would bump the 12-month PCE inflation rate up slightly to 4.3%. Typically, Federal Reserve decision-making puts more weight on core ... (full story)