The dollar dropped on Wednesday after data showed that consumer prices in May rose less than economists expected, but pared losses after updated interest rate projections by Federal Reserve officials showed an expectation for only one rate cut this year. The headline consumer price index (CPI) was flat on the month, below expectations for a 0.1% gain. Core prices rose by 0.2%, below economists' projections for a 0.3% increase. That bolstered expectations that the U.S. central bank will make two 25-basis-point rate cuts this year, with the first likely coming in September. But the Fed's "dot plot" showing only one ... (full story)