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inflation newsCNBC
•78% Informative
Wednesday features a one-two punch of news that starts in the morning with the pivotal consumer price index reading for May and ends with the Fed 's policy meeting in the afternoon.
Economists expect CPI to show just a 0.1% increase from April , though that still would equate to an aggregate annual rise of 3.4% Excluding food and energy prices, the so-called core PCI is projected to show 0.3% monthly gain and a 3.5% annual rate.
Fed officials will offer a variety of economic forecasting updates that will include the central bank's interest rate expectations.
Economists expect the Fed to reduce its outlook for gross domestic product growth and raise the expected inflation level.
The market has had to dramatically reprice its expectations from earlier in 2024 when traders expected six cuts this year .
Recent economic data point to an evolving economy where higher-for-longer on rates is being treated as a much greater possibility.
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