Disinflationary trends could take some of the heat off the Federal Reserve.
Skittish investors looking for a reason to buy stocks have been taking some solace from indications that inflation is heading lower. Disinflationary trends could take some of the heat off the Federal Reserve, which is widely expected to hold the line on interest rates at its meeting next week. While inflation remains well above the central bank's stated 2% annual goal, there is some evidence that the trend is headed in the right direction.
S & P's services PMI release showed that prices paid for services in May, while elevated, rose at their second-slowest monthly pace since October 2020. Core services inflation "is likely to slow significantly for the rest of this year and next," Hyman wrote. To be sure, inflation is likely to remain a problem ahead, and Fed officials have stated multiple times that the current level is too high .
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