The Federal Reserve’s favored inflation gauge is set for the smallest advance since November following two better-than-expected reports on prices out this week. Bureau of Labor Statistics data on producer prices Thursday showed declines in key categories that feed into the central bank’s preferred metric — known as the personal consumption expenditures price index, which is due later this month. Combined with softer-than-expected consumer price index data published Wednesday, several analysts expect the so-called core PCE gauge, which excludes food and energy, advanced just 0.1% in May. Such a print would help ... (full story)