Inflation eases slightly ahead of the Federal Reserve's interest rate decision

Inflation cooled a bit in May — with cheaper gasoline helping to keep a lid on consumer prices — offering the Federal Reserve some breathing room as it debates cutting interest rates amid a stubbornly robust jobs market.Consumer prices were up 3.3% last month from May 2023, according to data issued by the Department of Labor on Wednesday. Economists expected the reading to come in at 3.4%, or unchanged from April's pace, according to FactSet.

The rate decision is scheduled to be released at 2 p.m. Eastern.'This was unequivocally a good report, a delightful appetizer while we await the main course later on today,' Olu Sonola, head of U.S. economic research at Fitch Ratings, said in an email. Wall Street cheered the data, with the S&P 500 pushing deeper into record terrain after rising more than 1% in morning trade.

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