Producers of metals and other raw materials posted modest gains as economic data showed slowing inflation, which led to bigger bets on rate cuts in September to help spur the economy. The consumer-price index rose 3.3% in May, while core prices had the smallest rise since 2021.

Meanwhile, Federal Reserve officials penciled in just one interest-rate cut for this year, indicating most are in no hurry to lower rates, despite the slowing pace of inflation. The central bank also held its benchmark rate steady, in a range between 5.25% and 5.5%, a move that was widely expected.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

06-12-24 1624ET