Almanac Trader — Benign May CPI Reading Unlikely to Spur June Fed…

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Although today’s Consumer Inflation Index (CPI) report came in below consensus estimates, a Fed rate cut later this month still remains highly unlikely. Headline CPI increased 0.1% from April to May pushing year-over-year inflation to 2.4%, up from 2.3% in April. Although there was a tick higher in year-over-year inflation the overall trend in CPI back towards 2% (and possibly less) appears to still be on track for interest rate cuts in the second half of 2025.

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