In May, Inflation pressures eased as consumer spending slowed, according to a Commerce Department report. The personal consumption expenditures price index, closely monitored by the Federal Reserve, rose 0.3% for the month excluding food and energy, in line with estimates. The core PCE, which includes all goods and services, increased 4.6% from a year ago, slightly below expectations. Including food and energy, inflation was up just 0.1% for the month and 3.8% from a year ago. Despite the slight easing, inflation remains above the Fed's 2% target. The Fed is expected to approve a quarter-point interest rate hike in July.

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