Inflation ticks slightly downward in May, sparking hopes of Fed rate cuts
NY Post
Inflation rose at 3.3% year-over-year last month — boosting hopes that the Federal Reserve could begin cutting rates later this year.
The consumer price index ticked down slightly from the 3.4% headline rate from April while economists had expected it to hold steady at that number. Core inflation, which excludes volatile food and energy prices, rose 0.2% — also slightly lower than expected.
The cooling inflation data sent the Dow soaring more than 250 points in early trading on Wednesday, rising above the 39,000 mark as investors bet the latest numbers bolster the case for the Fed to begin cutting interest rates in the fall.
The latest consumer price index reading came out hours before the Fed was set to wrap up its two-day meeting during which the central bank is expected to plot out how many interest rate cuts — if any — it will undertake later this year.
The Fed was expected on Wednesday to keep its benchmark rate unchanged at roughly 5.3%, its highest level in 23 years, where it has stood since July.
After its prior meeting on May 1, the Fed released a statement saying that “there has been a lack of further progress” in bringing inflation back to the central bank’s 2% target.
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