More Indications That "Inflation Has Basically Been Defeated" (UPDATED)

 

We have a strong economy.  Pass it on:

The Federal Reserve kept interest rates steady on Wednesday, as officials hold out for more confidence that their fight against inflation is still on track.

The move, which was widely expected, came on the heels of fresh data showing inflation cooled in May. After a bumpy start to the year, the report brought a welcome dose of encouragement, beating analysts’ expectations and lifting financial markets. And even though Fed officials still don’t know exactly when they’ll cut interest rates for the first time in years, they seem to be getting closer...

As others have noted (see Tweets below), job growth has exceeded expectations while inflation has come in below expectations (i.e., "inflation has basically been defeated").

We're certain this will be the lead story in every media outlet today =wink=.

UPDATE:  But wait, there's more --

A measure of wholesale prices unexpectedly decreased in May, adding another piece of evidence that inflation is pulling back.

The producer price index, a gauge of prices that producers get for their goods and services in the open market, declined 0.2% for the month, the Labor Department’s Bureau of Labor Statistics reported Thusday. That reversed a 0.5% increase in April and compared to the Dow Jones estimate for a 0.1% increase.

Excluding food, energy and trade services, PPI was unchanged, compared to expectations for a 0.3% increase.

The release comes a day after the BLS reported that the consumer price index, a widely watched gauge of inflation that measures what consumers actually pay for goods and services, was unchanged on the month.

The "real" is starting to "feel" a lot better, wethinks.