The rising US inflation rate is testing the Fed’s expectations ...Middle East

The Federal Reserve’s preferred measure of US inflation, the personal consumption expenditure index, rose to 3.9% in May versus the year before, but the rate of increase slowed to 0.4% since April.The diverging signals may portray a US economy whose price increases are nearing their peak, like a cyclist reaching a summit before easing back downhill. Still, observers hunting for evidence that this inflation is transitory, a passing fad of economic recovery and diminishing federal aid, or becoming a structural obstacle to price stability, will not settle their debate.Take that high year-over-year change: It still reflects unusually low inflation during the onset of the pandemic recession last

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