. On a "core" basis — which strips out volatile food and energy prices — inflation clocked in at 5.3% for May. That compares with 5.5% seen in April., said Renaissance macro economist Neil Dutta, allowed the Fed to have it both ways — pause rate hikes and also be more aggressive in signaling future action.
Powell also brought back language made popular by former Fed Chair Janet Yellen ahead of the Fed's rate hiking cycle that began in 2015 — "live" meetings. Along with its policy decision on Wednesday, the Fed released an updated Summary of Economic Projections , which outlined officials’ expectations for growth, inflation, rates, and the labor market over the balance of this year and the next two.
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