US had a benign inflation in May 2024. Will this continue or it's just an aberration?

US CPI (May): 3.3%

US core CPI: 3.4%

US CPI (m-o-m): 0%

US core CPI (m-o-m): 0.2%

As we've stated before, one month data do not make a trend and the US is unlikely to repeat 0% inflation (m-o-m) in the next few months.  Thus, the US Fed will need to see a quarter data to make a decision on its rates.