There was good news on the inflation front from both the CPI and PPI. Because of the timing, it doesn't look like the Fed's FOMC had the full benefit of the results.
A slowdown in inflation in May was a big step in the right direction, Chicago Federal Reserve Bank President Austan Goolsbee said Friday, but prices need to decelerate further to support a reduction in U.S. interest rates.
The president of the Cleveland Federal Reserve said the low inflation readings in May were great news, but the central bank needs to "see that continue a bit longer" before it can cut interest rates.