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Data: Bureau of Economic Analysis; Chart: Axios Visuals

The price of goods and services rose 0.4% in June, slower than the 0.5% growth during May, according to the core personal consumption expenditures (PCE) price index released Friday morning. The June reading was lower than the consensus expectation for 0.6% growth.

Why it matters: The core PCE is the inflation measure the Federal Reserve watches most closely. June's reading is the second month in a row of decelerated price growth, giving the Fed breathing room to design a pullback strategy from its emergency market support.

On an annual basis, the core PCE reading grew 3.5% as of June, compared to 3.7% expectations and 3.4% a month ago.

The big picture: Fed chair Jerome Powell acknowledged the continuing inflation at a Wednesday press conference, but said he still views much of it as transitory and a result of bumps in the road from reopening the economy.

  • Powell said earlier this month that if inflation starts running too hot, the Fed would consider taking action.
  • The central bank's latest forecast for full-year 2021 core PCE inflation is 3.0%.

Go deeper

Powell goes on record about Fed trading uproar

Fed chair Jerome Powell testifies at a hearing last year. Photo: Graeme Jennings-Pool/Getty Images

Most of the questions Federal Reserve chair Jerome Powell fielded at Wednesday's press conference related to the coming taper. A runner-up: the trading controversy that’s put a spotlight on some Fed officials, including Powell himself.

Catch up quick: Recent financial disclosures showed two regional Fed officials owned — and in one case, actively traded — assets sensitive to the drastically expanded monetary policy they helped shape.

Mike Allen, author of AM
2 hours ago - Energy & Environment

Laurene Powell Jobs' $3.5 billion climate campaign

Laurene Powell Jobs, president of Emerson Collective, is investing $3.5 billion in her new climate-action group, the Waverley Street Foundation — all to be spent in 10 years, as a way to show urgency on the issue.

  • Then the group will sunset.

The big picture: The foundation "will focus on initiatives and ideas that will aid underserved communities who are most impacted by climate change," an official tells Axios.

R. Kelly found guilty of racketeering and sex trafficking

Photo: Nuccio DiNuzzo/Getty Images

Singer R. Kelly on Monday was found guilty of racketeering and eight counts of violating an anti-sex trafficking law, the New York Times reports.

Why it matters: Sexual misconduct allegations have surrounded R. Kelly's career, including a child sexual abuse image case in 2008 where he was acquitted. Multiple other victims have come forward to speak about the abuse in recent years.

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