U.S. consumers' short-term inflation expectations eased slightly in June, offering a modest sign that inflation concerns may be stabilizing despite remaining well above the Federal Reserve's target.

The University of Michigan's one-year inflation expectations index came in at 4.6% in June, matching economists' forecasts and improving from 4.8% in May. While the decline suggests consumers expect price pressures to moderate somewhat over the next year, the reading remains elevated by historical standards.