US PCE inf accelerated to 3.8% YoY in the 12 months to April, the fastest since May 2023, driven by higher energy prices linked to the Iran war, the Bureau of Economic Analysis said. March PCE was revised to 3.5% YoY. Core PCE rose 3.3% YoY in April versus 3.2% in March. The PCE gauge is the Fed's preferred metric against its 2% target; the print reinforces views the Fed could keep policy rates unchanged for an extended period, potentially into next year. Markets price the policy rate at 3.50%-3

May 28 — China’s Defense Ministry said at a regular briefing that Xi and Putin met in Beijing and issued a joint statement committing to deepen military ties. The statement pledges to consolidate traditional military friendship, boost military-to-military trust, enhance cooperation mechanisms, expand joint exercises and maritime and air patrols, and strengthen coordination in bilateral and multilateral forums to address shared risks and uphold regional and global security. The ministry reiterated that the relationship will follow principles of non‑alignment, non‑confrontation and not targeting third parties, and said China will implement leaders’ consensus, offer mutual support on core interests and major concerns, and push strategic military coordination to a higher level.

BOK said it must continue to monitor conditions in the real estate market and household debt.