U.S. stock-index futures slipped, with the Standard & Poor’s 500 Index at a record, as the cost of living rose at a faster pace than expected in April. E-mini futures on the S&P 500 expiring in June fell 0.1 to 2,125 at 8:34 a.m. in New York, after the underlying index Thursday reached its fourth all-time high in six sessions. Markets are closed Monday for the holiday. A report Friday showed the cost of living excluding food and fuel rose at a faster pace than expected in April, indicating inflation is inching toward the Fed’s goal. The core consumer-price index climbed 0.3 percent, the biggest gain since January 2013, according to the Labor Department. The median forecast economists surveyed by Bloomberg called for a 0.2 percent advance. Fed Chair Janet Yellen is due to discuss the outlook for the economy at 1:00 p.m. in Providence, Rhode Island. Mixed U.S. economic reports have prompted investors to push back estimates for when the Fed will begin raising rates, helping to drive equities to all-time highs. The S&P 500 is poised for its third consecutive weekly gain, the longest streak since February. Reports Thursday showed sales of existing homes in April unexpectedly dropped, after the March pace was the strongest in almost two years. A series of factory reports yesterday indicated the industry remains tepid this month against a backdrop of weaker global growth and a strong dollar. Rate Debate Most Fed officials have said they are likely to raise rates this year, though they haven’t specified precisely when. Economists expect an increase in September, according to a Bloomberg survey. How markets react when they do finally tighten is a source of concern for Fed officials, who have kept the benchmark federal funds rate near zero since December 2008. Chair Yellen and her colleagues are fretting that bond yields near record lows could surge once the Fed starts raising rates, according to minutes of their April meeting released this week. Higher costs of everything from mortgages to car loans could result, potentially putting the fragile economic recovery at risk.

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