(CNBC) Inflation data from May will show that the price increases that have been bedeviling consumers for the past two years are slowing down. The question, though, will be whether that deceleration will be enough to convince Federal Reserve officials that they can stop raising interest rates and let the U.S. economy breathe on its own for a while. The consumer price index, set to be released Tuesday at 8:30 a.m ET, is expected to show that all-items inflation increased just 0.1% last month, equating to a 4% annual rate, according to the Dow Jones consensus estimate.
Inflation report will be critical for the direction of Fed policy
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