Inflation slipped in May.

Consumer level prices for goods and services, as measured by the Consumer Price Index, fell from April's +3.4% year/year level to +3.3% in May. The trade expected +3.4%.

The market now has priced in the view there will be two interest rate cuts this year. There is a 70% chance that the Federal Reserve will start the first one in September. This could have light support for commodity markets.

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