The Dallas Fed’s trimmed mean measure puts June’s one-month annualized inflation rate at just 1.4%, down 1.3 percentage points from May and the lowest since November 2020. The 12-month rate fell to 2.2%, the lowest since July 2021. The personal consumption expenditures index showed annual gains of 3.7% for all items and 3.3% for core, which excludes food and energy. Three regional Fed presidents — Lorie Logan, Neel Kashkari and Beth Hammack — dissented, calling for a rate hike, arguing inflation remains too high. Chairman Kevin Warsh remains cautious despite these signs of easing inflation.
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