WASHINGTON, May 15 - U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September interest rate cut.
President Joe Biden said prices were still too high but argued that his agenda, which includes building two million homes and taking on Big Pharma to lower prescription drug prices"will give families breathing room." Donald Trump's campaign blamed inflation on the Biden administration's policies and touted the former president's America First agenda of low taxes, lower prices and higher wages.
Financial markets saw a roughly 73% probably of a rate cut in September, up from 69% before the data. A few economists anticipate the Fed will start lowering borrowing costs in July. Airline fares cost less. Overall, services gained 0.4% after advancing 0.5% in March. Excluding rents, they climbed 0.2% after surging 0.8% in March.
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