U.S. inflation data released on Wednesday met expectations, supporting the Federal Reserve's stance to maintain interest rates between 350-375 basis points at its upcoming June 17 meeting. The Consumer Price Index (CPI) rose 4.2% year-over-year in May, aligning with economist forecasts and following a 3.8% increase in April. Month-over-month, CPI increased by 0.2%, below the anticipated 0.5% rise. Core CPI, excluding food and energy, also rose by 0.2% in May, matching forecasts and showing a slight decrease from April's 0.4% increase. Year-over-year, core CPI was up 2.9%, consistent with expectations. Despite the inflation data, Bitcoin remained relatively stable, trading just above $61,000. Meanwhile, U.S. stock index futures declined, and the 10-year Treasury yield increased to 4.5%. WTI crude oil prices continued to fall, dropping 1% to $88.
U.S. Inflation Aligns with Expectations, Fed Likely to Maintain Rates
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