US inflation probably inched higher in May, offering scant evidence of extensive tariff-related repercussions that the Federal Reserve expects to become more apparent later in the year. Ahead of the key figures on Friday and fresh off the Fed’s decision last week to keep interest rates unchanged, Jerome Powell heads to Capitol Hill for two days of testimony in which he’ll lay out the case, again, for the central bank’s go-slow policy approach. The Fed chair is likely to emphasize that while rate cuts are possible this year, officials want more clarity on the economic impact of White House trade policy. Economists see ... (full story)