There’s nothing like a good consumer-price reading to make a Federal Reserve Chairman smile. The price index for May came in flat on Wednesday morning, which made for a confident Chairman Jerome Powell in the afternoon as he explained the latest Federal Open Market Committee decision after its two-day meeting this week.
The May CPI came as a relief after three months in row in which inflation had rebounded after last year’s declines. That rebound clearly made an impression on the FOMC, whose members stood pat on their fed-funds interest…
