The Fed's favored inflation gauges will draw the most attention in today's PCE report. The PCE deflator probably quickened to 4% in June from 3.9% and the core measure is seen accelerating to 3.7% from 3.4%. Personal spending may have gained 0.7% after no change in May. The decline in personal income is estimated to have narrowed to 0.3% last month from May's 2% decline.