US inflation is believed to have slowed sharply in June in a further sign of easing price pressures

U.S. inflation is expected to post its lowest level in more than two years in a report being released Wednesday — a slowdown that, if sustained, could lead the Federal Reserve to halt its interest rate hikes later this year. The report from the government will probably show that consumer prices rose just 3.1% in June from 12 months earlier, according to a survey of economists. A figure that low would mark the mildest year-over-year increase since March 2021, when the current bout of painfully high inflation began as the economy roared out of the pandemic recession. And it would signal a sharp slowdown from the 4% annual rise in May.