US consumer inflation cooling to 3.4% in April, raising doubts on rate cut

From Investing.com: 2024-06-07 05:01:00

The US Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) report on June 12, following a slight cool down in US consumer inflation to 3.4% in April. Despite this, policymakers are looking for more months of disinflation before considering loosening policy. The US dollar is weakening due to the slowing inflation, leading to a target range of 1.09100–1.09400 for EUR/USD, according to Octa broker’s financial market analyst Kar Yong Ang. Data from the US Institute for Supply Management shows a decline in the manufacturing purchasing managers’ index, adding pressure on the Fed.



Read more at Investing.com: US Consumer Inflation Cooling, But Expectations for a Rate Cut Are Falling