A key inflation measure tracked by the Federal Reserve showed inflation rising 2.6% in May 2024 compared to a year ago, matching economists' expectations. The core PCE price index, which excludes volatile food and energy costs, increased 0.1% in May. Housing costs continued rising, up 0.4% for the fourth straight month, keeping broader inflation pressures higher. Investors have scaled back expectations for Fed rate cuts this year from six to just two, starting in September.
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00:00It's Benzinga, and here's what's on the block.
00:02A key inflation measure tracked by the Federal Reserve showed inflation rising 2.6 percent
00:07in May 2024 compared to a year ago, matching economists' expectations.
00:12The core PCE price index, which excludes volatile food and energy costs, increased 0.1 percent
00:17in May.
00:18Housing costs continued rising up 0.4 percent for the fourth straight month, keeping broader
00:23inflation pressures higher.
00:25Investors have scaled back expectations for Fed rate cuts this year from six to just two
00:29starting in September.
00:30For all things money, visit Benzinga.com.