With the results of the FOMC meeting tomorrow, investors were sure to be paying close attention to today's Consumer Price Index report

With the results of the FOMC meeting tomorrow, investors were sure to be paying close attention to today's Consumer Price Index report. May's CPI results certainly add another interesting variable for the Fed to consider when generating its rates forecast. CPI increased 0.4%, the largest increase in over a year. That follows a 0.3% increase last month. The 12-month change is now at 2.1%. Core CPI (minus food and energy prices) increased 0.3%, with the 12-month change at 2%. Keep in mind, the Fed pays much closer attention to core inflation. Right now, the core number is right on target at 2%. Unless that number continues to rise in the coming months, the Fed is likely to keep its forecasts stable. I believe it's too early for the Fed to significantly change its language, but it certainly bears watching.