 This is a Bloomberg Money Minute. The Fed's preferred measure of underlying inflation slowed down last month. The so-called Core Personal Consumption Expenditures Price Index, which takes out food and energy items, rose just a tenth percent from April for the smallest advance in half a year. From a year ago, it rose 2.6 percent, at least since early 2021. The reading boosts the case for lower interest rates later this year, and Wall Street likes that. Dow up a half percent, same with S&P. NASDAQ up almost 1 percent.