Photo: A pedestrian walks past storefronts at CityCenterDC in Washington, D.C., on May 30, 2024. Photographer: Bloomberg/Bloomberg. A pedestrian walks past storefronts at CityCenterDC in Washington, D.C., on May 30, 2024. Photographer: Bloomberg/Bloomberg.

The Federal Reserve's preferred measure of underlying U.S. inflation decelerated in May, bolstering the case for lower interest rates later this year.

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