The "generally benign" composition of Friday's January personal consumption expenditures inflation data — though not as soft as some had hoped — "flags two distinct paths to a rate cut by June as well as the path that leads to no cuts by June and plausibly none at all this year,

Traders of futures contracts that settle to the Federal Reserve's policy rate maintained bets on Friday that the U.S. central bank will restart cuts to short-term borrowing rates in June after data showed inflation rose in line with expectations in January.