Federal Reserve Chairman Jerome Powell is framed by a trader's screens on the floor of the New York Stock Exchange, on Wednesday, June 12. Richard Drew/APStocks ended the day mixed Wednesday as investors parsed a key inflation report and the Federal Reserve’s latest projections for interest rate cuts this year. Investors cheered the May Consumer Price Index report, which showed that inflation cooled at a slower pace than expected last month. Consumer prices rose 3.3% from the prior year, a slower clip than April’s 3.4% rate, according to the Bureau of Labor Statistics. Fed Chair Jerome Powell reiterated at the post-meeting press conference that the central bank will not cut rates until it sees more data showing that inflation is cooling.