Fed Comments on U.S. CPI: Overall Trend Positive, But Not Enough to Prompt Quick Rate Cuts

New York Fed President John Williams stated that the latest economic data should not be overemphasized. The cooling of April's CPI is a positive development following several months of disappointing data. However, he remains unconvinced that price pressures will sustainably progress toward the Fed's 2% inflation target, so rate cuts are not expected in the near term.