US inflation broadly cools, likely sealing deal for Fed rate cut

July 16,2024

US inflation cooled broadly in June to the slowest pace since 2021 on the back of a long-awaited slowdown in housing costs, sending the strongest signal yet that the Federal Reserve can cut interest rates soon.

The so-called core consumer price index — which excludes food and energy costs — climbed 0.1% from May, the smallest advance in three years, Bureau of Labor Statistics figures showed Thursday. The overall measure fell for the first time since the onset of the pandemic, dragged down by cheaper gasoline.

Source: Bloomberg