U.S. stocks higher and on track to finish first half at 14-month highs after encouraging inflation report

U.S. stocks were higher on Friday and on track to finish the first half at 14-month highs with data showing inflation falling to a two year low, fueling hopes that the Federal Reserve might be able to back off its inflation battle more quickly than Chair Jerome Powell has suggested.

The personal consumption expenditure index showed inflation falling to 3.8% in May on a 12-month basis, the slowest increase since April 2021. May consumer price index data released earlier this month showed the headline rate falling to 4%, also the lowest reading in roughly two years. Data released on Thursday showed U.S. GDP expanded by 2% during the first quarter, much stronger than the previous 1.3% reading.

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