US Fed's favored inflation gauge ticks higher as fuel costs rise

The Fed's favored inflation measure rose last month, fueled by higher energy costs. Photo: SCOTT OLSON / GETTY IMAGES NORTH AMERICA/Getty Images via AFPThe US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according toThe data suggest inflation is still broadly on the Federal Reserve's bumpy path toward its long-term target of two percent, despite the recent uptick.

"That should be enough to give the Fed confidence to begin removing some of the policy tightness later this year, though the resilience of the real economy means policymakers are in no rush," he added.Earlier this month, Fed officials reiterated their prediction of three rate cuts this year.

"It supports our view that the Fed waits to at least June to start cutting rates, with odds of a July start rising," she added.Futures traders currently assign a probability of just under 65 percent that the Fed will have started cutting rates by mid-June, according to CME Group data.

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