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The Federal Reserve’s favored inflation gauge rose 0.1% in May, as expected, the Bureau of Economic Analysis said on Friday. On an annual basis, the personal consumption price expenditures index ...

The Fed forecasts economic growth will slow to 1.4%, down from 1.7% in March. Its projection of where its favorite inflation gauge will be is now at 3.1%, up from 2.8% in March.

Cutting rates too soon could stoke inflation, which already sits above the Fed’s 2% target. But there’s also risk in waiting too long, which could hurt the labor market and slow economic growth.

Given low inflation and an economy that is struggling, there is no reason for the Fed to delay lowering interest rates.

Inflation rose by one-tenth of a percentage point to 2.4% for the year ending in May, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.