Import sensitive goods categories, such as furnishings and durable household equipment, saw large jumps relative to May May and April headline and core PCE readings were also revised up, in line with the GDP deflator reading released yesterday The June PCE inflation numbers vindicate the Fed’s majority decision to hold rates steady in July.

CNBC's Rick Santelli joins 'Squawk box' to break down the latest economic data to cross the tape.

Treasury yields declined in Asian trading hours, reversing the previous day’s increase triggered by the Fed’s meeting.

The yield on 2-year U.S. government debt pulled back from an earlier rise on Wednesday after a divided Federal Reserve left interest rates unchanged. The policy-sensitive 2-year Treasury yield was up by only 1 basis point at just 3.

Yields on longer-term U.S. debt–the most watched part of the Treasury market–fell slightly after the Federal Open Market Committee decided to hold rates steady. 10-year yields, at 4.345%, moved down from 4.