- May underlying inflation 3.5% vs 4.0% prior
- Prices-only measure 3.0% vs 3.4% prior
- 12-month change 4.0% vs 4.9% prior
The market is saying the same thing as these numbers -- inflation is heading lower and there's no reason to expect that to change.
NY Fed underlying inflation gauge 3.5% vs 4.0% prior
- The New York Fed's attempt to measure core inflation