U.S. Inflation Surges, Dampening Hopes for Interest Rate Cuts
March's higher-than-expected inflation rates across the U.S. have led to a reassessment of the Federal Reserve's rate cut timeline, with potential delays extending into 2025.
- March CPI data shows a 3.5% year-over-year increase, surpassing economists' expectations and marking the third consecutive month of acceleration.
- Core inflation, excluding volatile food and energy prices, also rose unexpectedly, contributing to persistent inflation concerns.
- Financial markets reacted negatively, with major U.S. stock indices falling and bond yields rising, reflecting increased uncertainty about future rate cuts.
- Fed officials and economists suggest that rate cuts expected in June may be postponed, with some predicting no cuts throughout 2024.
- High inflation rates, particularly in sectors like gasoline and rent, continue to pressure the economy, complicating the Federal Reserve's efforts to achieve its 2% inflation target.
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