Federal Reserve preferred inflation gauge increased 4.9% in April compared to a year earlier, which is still high but could indicate that there may be some relief.

The core personal consumption expenditures price index increased by 5.2% in March, which was consistent with our expectations. Volatilities in food and energy prices are not included as they have had a significant impact on inflation that has hovered around 40 year highs.

This is news breaking. For more information, please check here.