<span>STORY: U.S. consumer inflation increased at its fastest pace in three years in May, boosted by surging prices for energy products amid the Middle East conflict.</span><span>The Consumer Price Index increased 4.2% in the 12 months through May, the largest gain since April 2023, the Labor Department’s Bureau of Labor Statistics said.</span><span>The Federal Reserve, under new Chair Kevin Warsh, is expected to leave its benchmark overnight interest rate unchanged at next week’s meeting.</span><span>Warsh, who was nominated to the position by President Donald Trump, was initially viewed as having a dovish outlook on rates.</span><span>But Martin Adams said the current data suggests that “maybe the Fed’s a little bit too easy” when it comes to monetary policy, which is “quite contrary to where we were at the start of this year.”</span>
