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US consumer inflation cooled in June to its lowest rate since early 2021, according to government data released Wednesday -- an encouraging sign for policymakers battling cost-of-living pressures.
The consumer price index (CPI) measure of inflation eased to 3.0 percent on an annual basis last month -- its lowest level since March 2021 -- while core CPI, which excludes volatile food and energy prices, also fell.
Employers are expected to add roughly 29,000 new positions each month on average between now and June 2024, while unemployment is expected to hit 4.5 percent.
Experts put the odds of a recession between now and July 2024 at 59 percent, showing a downturn is more likely than not.
Economists' average forecast for the Fed's peak interest rate is 5.6 percent, reflecting a target range of 5.5-5.75 percent, the highest since 2001.