 This is a Bloomberg Money Minute. The Fed's preferred measure of underlying inflation slowed down in May, boosting the case for lower interest rates later this year. The so-called Core Personal Consumption Expenditures Price Index, which takes out food and energy items, rose just a tenth from April for the smallest advance in six months. From a year ago, it rose 2.6 percent, the least since early 2021. More people were earning more money in May, but they weren't spending all of the increase.