Inflation cooled significantly in June, bringing price hikes close to normal levels

The inflation data arrives as the Federal Reserve weighs another rate hike.

4% in May compared to a year ago.

However, nearly all members of the decision-making committee believe the central bank will need to impose at least one additional rate hike this year, Fed Chair Jerome Powell said immediately after the announcement of a pause.an optimistic message about the U.S. economy and downplayed the threat of a recession.

While acknowledging that a recession is "certainly possible," he said such an outcome is "not the most likely case."A major upward revisionlast Thursday that the U.S. economy grew significantly more at the outset of this year than an initial measurement indicated, according to the Commerce Department.

A jobs report on Friday, meanwhile, showed that U.S. employers hired 209,000 workers in June, which marked robust performance, albeit a slowdown from the previous month.

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