Fed Likely to Seek More Evidence Despite Cooler Inflation Data

Federal Reserve officials received reassurance this week that inflation remains on a downward — albeit bumpy — path, but policymakers are unlikely to waver from their message that they need more evidence.

The Fed’s preferred measure of underlying inflation cooled last month, advancing at the slowest pace this year, government data showed Friday. And on the heels of a softer pace of economic growth in the first quarter than originally expected, consumers trimmed their spending in April.