Inflation report ‘fuels hope’ the Fed will cut interest rates this year

A surprisingly positive inflation report for May is fueling “hope” that the Federal Reserve will cut interest rates later this year, a move that President Donald Trump openly has wanted.

Inflation was put by federal estimates at 2.4%, up fractionally from the 2.3% from April, but still below expectations.

“President Trump has made no secret of the fact that he would like the Federal Reserve to cut interest rates,” Nicholas Hyett, investment manager at Wealth Club, told the Daily Mail.