Fed Faces Challenge as US Inflation Remains High

The US Federal Reserve's preferred price metrics are projected to show inflation remained elevated in April, running more than double the central bank's goal. The core personal consumption expenditures price index is seen climbing 4.6% from a year ago, matching the prior month's annual advance. On a monthly basis, the core measure is projected to rise 0.3% for a second month. The personal income and spending report is also forecast to show inflation-adjusted consumer outlays remained tepid at the start of the second quarter.