A measure of prices that is closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease.
FILE - Cooper models are tended to in the service bay of a Mini dealership Nov. 3, 2022, in Highlands Ranch, Colo. On Friday, June 27, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. –
The latest figures will likely be welcomed by the Fed's policymakers, who have said they need to feel confident that inflation is slowing sustainably toward their 2% target before they'd start cutting interest rates. Rate cuts by the Fed, which most economists think could start in September, would lead eventually to lower borrowing rates for consumers and businesses.in 2022 and 2023 in its drive to curb the worst streak of inflation in four decades.
The much higher borrowing costs that followed the Fed’s rate hikes, which sent its key rate to a 23-year high, were widely expected to tip the nation into recession. Instead, the
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