US Inflation Eases More Than Expected In May, Boosts 2024 Rate Cut Prospects Ahead Of Wednesday's Fed Meeting

Good news for the average U.S. consumer as the annual inflation rate slowed more than economists expected in May, brightening the outlook for interest rate cuts this year ahead of a pivotal Fed meeting later on Wednesday. This marks the second consecutive inflation report to come in lower than expected, bolstering hopes for a gradual return to the Fed’s 2% target.