R.I.P. Inflation: The data point the Fed watches for inflation just said there isn't any.
At the same time, consumer spending surged amid a jump in expenditures on motor vehicles and health care.
Fed officials have said they expect to hold interest rates steady for the rest of the year, due in part to a low inflation rate. Deciding the future rate path got a little more complicated last week when a government reported showed that GDP grew by a much stronger than expected 3.2% in the first quarter. Despite the strong economic growth, the White House continues to push for rate cuts.
In their most recent economic projections, Fed officials said they expect core inflation to hit 2 percent for the full year in 2019 and headline PCE to hit 1.8 percent.
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