 Inflation cooled in May. I'm Novosafo with the Marketplace Minute. The Commerce Department's Personal Consumption Expenditures Price Index increased 2.6% in the 12 months ending in May. That's down one-tenth of a point from the advance in April and in line with analyst expectations. The PCE Price Index is the Federal Reserve's preferred inflation gauge and signs that it's nearing the Fed's target 2% increases the chances of an interest rate cut in September.