“A lack of further progress” on the inflation front since the start of the year led the Federal Open Market Committee to hold the fed funds target range at 5.25%-5.50% for a sixth straight meeting on May 1. Data in the three months proceeding the FOMC's May meeting showed core PCE inflation strengthening to a 4.4% annualized clip, more than double the pace registered in the second half of 2023 that had previously suggested inflation was quickly returning to the Fed's 2% target. Stronger job growth over the same period alongside a solid pace of activity made inflation's early-year pickup even more unsettling, as ... (full story)