US inflation hits 4.1% in May, highest in over three years, as spending rises 0.3%

U.S. inflation rose to 4.1% in May, the highest in more than three years, while consumer spending increased 0.3% and first quarter GDP was revised up to 2.1%. The Federal Reserve kept rates unchanged last week at 3.50% to 3.75%, but updated projections show policymakers now expect hikes this year.