US inflation fell to 3.3 per cent in May, leading investors to bring forward their expectations of interest rate cuts and delivering a boost to President Joe Biden.
The data, issued hours before Federal Reserve officials are due to outline their plans for rate cuts this year, was marginally below economists’ expectations.
The yield on the policy-sensitive two-year Treasury hit its lowest in more than two months, while the S&P 500 and Nasdaq Composite hit record highs in early trading, following the release, as investors bet on more interest rate cuts this year.
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