Alex Ossola

The Fed aims for PCE inflation of 2 percent.

The Commerce Department also revised its estimate for GDP growth for the first quarter, saying the U.S.

economy grew more slightly than previously thought.

Bond yields paired earlier gains after the release of the data.

In bonds, investors' appetite for short-term bond funds is the highest it's ever been.

According to Morningstar, ultra-short bond funds, which typically mature in less than a year, posted their largest monthly inflows in March.

Journal Markets reporter Jack Pitcher says that's a reflection of investors' skittishness around inflation.

Meanwhile, major U.S.

stock indexes today rose on hopes that a deal with Iran is in reach.

The Nasdaq led the gains and ended up 0.9%.

In news from the Trump administration, it's reached a deal with Kenya to establish a quarantine facility for Americans exposed to Ebola.

The 50-bed unit, which will be located at the Laikipia Air Base, will be operational starting tomorrow.

The arrangement has drawn opposition from Kenyan medical groups.

The embassy of Kenya in Washington and Kenyan officials didn't immediately respond to a request for comment.

And across the Baltic country of Estonia, preparing for potential war has become a part of everyday life.

That might seem a little strange for a country that's not currently at war.

But WSJ national security reporter Robbie Grammer says the drills and other preparations are an effort to deter Russian leader Vladimir Putin.

Robby spoke with officials during his recent trip to Estonia's eastern border.

And finally, there's been a lot of noise lately in New York City around the pied-à-terre, people's fancy second homes here, which state lawmakers passed a law yesterday to tax.

Well, real estate experts say there's a new kind of property that's becoming popular.