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Story summary
- The ISM nonmanufacturing PMI slipped to 54.0 in June from 54.5 in May, indicating weaker services sector activity.
- New service orders fell to 55.1 after reaching 57.3 in May, while order backlogs rose.
- Prices paid by services firms dropped to 67.7 from 71.3 in May, easing services inflation.
- The Federal Reserve (Fed) kept its benchmark overnight rate at 3.50%-3.75% and signaled a later-year hike.
