Less-expensive gas likely slowed U.S. consumer inflation in May.
A shopper pauses at a display in a furniture store Sunday, June 2, 2024, in Englewood, Colo. On Wednesday, June 12, 2024, the Labor Department issues its report on prices at the consumer level in May. gas likely slowed U.S. consumer inflation in May. But when the government reports the latest monthly price data Wednesday, Wall Street traders and Federal Reserve officials will be paying particularly close attention to an index that excludes volatile food and energy costs.
After their latest two-day policy meeting ends Wednesday — just hours after the release of the May inflation data — the officials are poised to leave their benchmark interest rate unchanged at a 23-year high of about 5.3%. The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much and potentially causing a recession. Yet if it cuts rates too soon, it risks reigniting inflation. Most of the policymakers have said they think their rate policies are slowing growth and should curb inflation over time.
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