WASHINGTON - U.S. producer prices unexpectedly fell in May amid lower energy costs, another indication that inflation was subsiding after surging in the first quarter.
Economists polled by Reuters had forecast the PPI nudging up 0.1%. In the 12 months through May, the PPI increased 2.2% after rising 2.3% in April. Also on Wednesday, Fed officials pushed out the start of rate cuts to perhaps as late as December, with policymakers projecting only a single quarter-percentage-point reduction for this year. Economists remained optimistic that the Fed would reduce borrowing costs twice this year, starting in September.The conservative attorney also said the race between Joe Biden and the former president appears to be closer than it is because of one factor.
Ukraine's big strike on Crimea shows how its older missiles can take out Russia's most advanced air defenses