The Commerce Department’s personal consumption expenditures price index, which the Fed focuses on as its main inflation gauge, rose at a 2.6% 12-month level in May. That level has come down steadily after being around 4% a year ago, though policymakers do not expect it to reach the Fed’s 2% goal until 2026. At the European Central Bank Forum, Powell added that the labor market is cooling off slowly, which is what "we've been hoping to see". | CNBC