U.S. inflation was much weaker than initially thought in the first quarter amid a sharp slowdown in domestic demand, which could cast doubts on the Federal Reserve’s view that the benign price pressures were largely because of temporary factors. The weak inflation pulse reported by the Commerce Department on Thursday could also pile pressure on the U.S. central bank to cut interest rates, especially as the economy appeared to slow in the second quarter. Fed Chairman Jerome Powell said recently he believed the soft inflation “may wind up being transient.” The personal consumption expenditures (PCE) price index ... (full story)