Major stock indexes closed higher Tuesday after new data indicated that inflation eased last month to around half of last year’s peak level. Read today’s full markets roundup here.

The consumer-price index for May showed prices rose 4% from a year earlier, a cooldown from April’s 4.9% increase. Core CPI, which excludes volatile food and energy categories, was more elevated at 5.3%.

The data came as the Federal Reserve kicked off its policy meeting Tuesday. The central bank has been raising rates to bring inflation down to its 2% target and is expected to announce Wednesday that it is holding rates steady. Investors will be watching for clues that the Fed could resume rate hikes later this year.