Consumer prices rose sharply in May. The consumer price index jumped higher than expected with a 5% year-over-year increase and the core CPI lifted at the fastest pace since 1992. With demand springing to life in segments of the economy that were more deeply affected by the economic shutdown, such as restaurants and travel, temporary supply shortages are creating a short-term acceleration in prices. The Federal Reserve is likely to maintain its stance that inflationary pressures are transitory and remain committed to current monetary policy. The Fed has publicly stated it will keep rates near zero until late next year at the earliest and will taper its bond purchases well ahead of rate increases. caused by the pandemic.
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