U.S. inflation broadly cools, bolstering case for Fed rate cut: Bloomberg
CREDIT: Engin Akyurt
U.S. inflation cooled in June to the slowest month-over-month pace in almost three years.
U.S inflation slowed in June, boosting speculation the Federal Reserve will likely begin cutting interest rates in September, Bloomberg reported.
Core inflation, which excludes items such as food and energy, rose 0.1 per cent from a month earlier, the smallest advance since August 2021, Bloomberg said, citing Bureau of Labor Statistics Data. Costs for services like airfares, hotel stays and in-patient hospital care all declined from the prior month.
While Fed chair Jerome Powell recently avoided signaling the timing of likely rate cuts, a report last week showed a third-straight month of rising unemployment, which combined with Thursday’s inflation data should keep the Fed on a path to cutting rates later this year, Bloomberg reported.
