Doug Krisner

The May consumer price index rose at an annual rate of 4.2 percent, the fastest rate in more than three years.

However, the core rate of retail inflation, which excludes food and energy, rose less than expected two-tenths of one percent compared to April.

Now, these data set up next week's Fed decision as Kevin Warsh prepares for his first meeting as Fed chair.

Here's Bloomberg's Michael McKee.

That is Bloomberg's Michael McKee.

After the bell, Oracle reported capital expenditures for the latest quarter above estimates, and this has raised concern about the profitability of Oracle's cloud infrastructure business.

That said, sales in the infrastructure business gained 93% last quarter to $5.8 billion.

That was slightly faster than the 91% increase anticipated by analysts.

We got reaction from Sarah Kunst, founder and managing director at Clio Capital.

That is Sarah Kunst from Clio Capital.

Shares in Oracle are down about 6% in late trading.

Incidentally, this stock has climbed 35% over the past three months.

Microsoft co-founder Bill Gates testified today on Capitol Hill in a closed-door hearing about his ties to Jeffrey Epstein.

More from Bloomberg's Amy Morris in Washington.

Congress has until Friday to extend the Foreign Surveillance Intelligence Act, or FISA.

This law allows U.S.

surveillance of foreigners.

It had bipartisan support in the past, but now some lawmakers are concerned about passing an extension while Bill Pulte is acting director of national intelligence.

Now, President Trump has called for Congress to pass a short-term extension of FISA.

Here is House Speaker Mike Johnson.