Inflation fell two-tenths of a percentage point to 2.1% for the year ending in April, the Bureau of Labor Statistics reported Friday in an update to the Federal Reserve’s preferred gauge. Economists had expected inflation in the index,

U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by concerns about financial market volatility and Fed staff warnings of increasing recession risk,