U.S. Inflation Continues Recovery but Remains Below Fed Target
U.S. inflation continued to recover in May from a sharp slowdown earlier this year, a trend that could ease the Federal Reserve’s worries about weak price pressures while potentially tempering investors’ hopes for an interest-rate cut next month. The Fed’s preferred inflation gauge, the price index for personal-consumption expenditures, rose a seasonally adjusted 0.16% in May from April, the Commerce Department said Friday. It was the third straight month it has met or exceeded the monthly pace needed to hit the central bank’s 2% yearly target. A less volatile measure, ...
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