U.S. inflation slows as expected in May By

-- Inflation in the U.S. decelerated as expected in May on ghc foreign exchange dealeran annualized basis, according to the Federal Reserve's preferred measure of price gains, potentially providing more impetus for the Fed to roll out interest rate cuts in 2024.

In the 12 months to May, the cooled to 2.6% from 2.7%. came in at 0.0% on a monthly basis following a rise of 0.3% in April -- the first time the number did not increase in half a year. 

Meanwhile, so-called , which strips out volatile items like food and fuel, eased to 0.1% month-on-month and 2.6% .

Both the overall and underlying readings were in line with economists' expectations.

Earlier this month, the Fed held rates steady at a two-decade high range of 5.25% to 5.5% and signaled that they now expect to unveil only one cut in 2024, down from a prior estimate of three, as many policymakers called for more evidence that inflation was sustainably easing down to their 2% target. 

Speaking on CNBC, San Francisco Fed President May Daly said that while inflationary pressures are appearing to gradually abate, the central bank's push to corral prices is "not done yet."

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