As the second quarter came to a close, the Federal Reserve could claim a victory, of sorts. It was finally able to achieve its target of 2 percent core inflation, for the first time in six years, with release of the Personal Consumption Expenditure (PCE) data for May. Being mindful of the threat of too much inflation, however, the Fed seems intent on additional future rate hikes, perhaps two more this year. Two weeks ago, Fed chair Powell said the case for continued gradual rate hikes is strong. Last week, Boston Fed president Rosengren said in a Wall Street Journal interview that he was comfortable with the “direction” of two more rate hikes this year, cautioning about the possibility of higher inflation from falling unemployment.