The Personal Consumption Expenditures report for May arrives Thursday, June 25, and it is the strangest kind of market event: a number almost designed to be ignored. It is the Federal Reserve’s preferred inflation gauge, it lands with equities at record highs, and it will almost certainly run hot. None of that should matter, because the force that will make it hot has already reversed. The headline is stale before it prints May is the reference month, and May was the peak of the energy shock.