(Bloomberg) — Inflation in Europe accelerated by more than forecast in May, but the European Central Bank is still expected to start cutting interest rates next week.
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Consumer prices rose 2.6% from a year ago, up from 2.4% in April, according to Eurostat. A measure stripping out volatile components like food and energy also surpassed expectations. While money markets still see a quarter-point cut at the June 6 ECB meeting, they pared wagers on reductions beyond that.
In the US, the Federal Reserve’s preferred measure of underlying inflation moderated in April and consumers dialed back their spending, supporting plans for an eventual reduction in interest rates. Swaps traders still expect the Fed to cut rates at least once this year.
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