With a 5.5 per cent increase during the period, core inflation—which includes volatile food and energy prices—met expectations. The Federal Reserve's preferred indicator, 'super-core' inflation, which is said to reflect services inflation minus housing prices and gained just 0.1 per cent for the month, however, was at its lowest level in over three years.
However, in response to the statistics, Fed policymakers did not appear to lower their estimates for inflation and interest rates. John Williams, the president of the New York Fed, reiterated that he did not anticipate a rate cut later this year, in striking contrast to the three rate cuts that are built into futures markets by January 2024.
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