Wholesale prices blip up 0.1% in May

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He said "The weak inflation performance in the 1st quarter was not expected.some of it appears to be transitory or idiosyncratic", in response to a question if low inflation might prompt a rate cut.

US consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy could increase pressure on the Federal Reserve to cut interest rates this year.

USA crude rose 0.69% to $53.63 per barrel.

The pan-European STOXX 600 index rose 0.76% and MSCI's gauge of stocks across the globe gained 0.43%.

Core inflation, which is seen as a truer measure of domestically generated inflation pressures because it excludes changes in commoditised food and energy prices, surprised on the downside in May.

Compared to May of past year, USA consumer prices are up 1.8%, slowing from the 2% increase in April.

"Market pricing can go up and down so we can't be handcuffed to that".

Above: Bureau of Labour Statistics table of US inflation rates.

Over the past year, producer prices have risen 1.8%. Mr Trump said on Twitter, renewing his complaints about the U.S. central bank a week before it meets in Washington to discuss monetary policy.

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"Today's inflation report keeps the Fed's options open. We don't think the data makes enough of a case for rate cuts at this stage", says Josh Nye, an economist at RBC Capital Markets.

Previous data has shown that the rate cut will be appropriate. The Australian dollar decreased to 0.6926 dollar from 0.6959 dollar.

The Pound-to-Dollar rate was 0.11% higher at 1.2737 but is down 0.02% for 2019 after having fallen 2% in the last month.

The euro was steady at $1.1330 and in close reach of a three-month peak of $1.1348 scaled on Friday. -China trade conflict has weighed heavily on the yuan this year. A majority of investors expect a rate cut at the Fed's July meeting, according to the CME Group.

Inflation remains tame, enabling the Federal Reserve to stop raising interest rates after four hikes in 2018.

"For now, inflation pressures in aggregate remain benign".

But Kathy Bostjancic of Oxford Economics said the Fed will hold off before cutting the benchmark lending rate, and watch to see the impact of tariffs on the economy.

The first real sign of trouble that the USA economy may be fast running out steam came from Friday's jobs report that showed a big drop in payrolls in May. Current: 2.25%-to-2.5%. Instead, they have said in interviews and speeches that they're considering the risk of an economic slowdown - a sign that a rate cut may at least be considered at upcoming meetings. Despite the near record lows in initial jobless claims and wage gains just 0.1% away from the best post-recession levels, the recent decline in payrolls has probably given the Fed as much concern as a decade of low inflation. The S&P 500 index ended up by 2.1 %. In April, he said the Fed should return to quantitative easing, a financial-crisis-era policy that injected trillions of dollars into the economy.

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