Inflation is taking baby steps towards coming back to where policymakers want it, with a report due Friday expected to show more of that creeping progress.
Core inflation is expected to have slowed to 0.2%, which would represent at least some further progress toward easing price pressure on weary consumers.
"That said, getting to the Fed's 2% target is apt to be a bumpy landing."
However, policymakers' expectations that housing inflation will cool this year have been largely thwarted, throwing another wrinkle into the debate.
CPI inflation ran at 3.4% for the all-items measure in April and 3.6% for core, well above the Fed's target.
Persons:
Dow Jones, Carol Schleif
Organizations:
Dow, BMO Family Office, Labor
Locations:
PCE