⚠️BREAKING: *U.S. CPI INFLATION RISES BY SLOWER-THAN-EXPECTED 4.9% IN APRIL 🇺🇸🇺🇸
increased by 0.4%, which the BLS said was due in part to an uptick in costs for shelter and used cars.
The numbers were still well above the Fed's desired rate of around 2% to achieve stable and sustainable growth, even though the central bank has embarked on a long-running campaign of borrowing cost hikes aimed at corraling price growth. Following a 25 basis pointlast week, the Fed's benchmark rate now stands at a range of between 5% to 5.25%, up from near-zero at the beginning of 2022.
The Fed has hinted that it may push pause on the tightening campaign at its next meeting in June, although Chair Jerome Powell noted that it is"prepared to do more" if further policy restraint is necessary. Complicating the decision-making process for the Fed is the U.S. job market, which has shown signs of resilience despite the jump in borrowing costs. The economy
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