From The Hill this morning:
"Consumer prices rose just 0.1 percent in May and are up 4 percent over the past year, according to key inflation data released Tuesday morning by the Labor Department.
"Inflation as measured by the consumer price index (CPI) dropped sharply last month, bringing annual price growth down to its slowest pace since March 2021.
"The drop in inflation will likely keep the Federal Reserve on track to pause its aggressive run of interest rate hikes Wednesday.
"The Fed has hiked interest rates in consecutive meetings dating back to March 2022, but is likely to announce a temporary halt on Wednesday following a two-day meeting in Washington, D.C."
- KC's View:
I'm no economist, but everything I'm reading suggests that we're either going to avoid a recession or have one that is short and shallow. That's a good thing. Now, it is important to keep in mind that a lot of Americans still are having a tough time. But progress, such as it is, ought to be acknowledged.
With fingers crossed.