India, June 18 -- The U.S. retail sales increased more than expected in May, showing that people are still spending money even with high prices, according to the Commerce Department. Households spent more on motor vehicles, even though they were paying higher prices for gasoline during the same period.

Experts said this strength in spending may slow down later because tax refunds are reducing and prices are still high, as per the report by Reuters. Job growth has also improved recently, which together with strong sales shows the economy is still resilient even after the oil price shock.

The Federal Reserve is expected to keep its benchmark interest rate in the 3.50% to 3.75% range in its meeting, but may remove its earlier "easing bias"...