Consumer inflation remained persistently high last month, driven by gas, rents, auto insurance, and other items. The Federal Reserve may reconsider interest rate cuts in light of this report.
Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said.WASHINGTON — Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year.
On Wall Street, traders sent stock prices tumbling and bond yields rising, reflecting fear that the Fed may delay interest rate cuts indefinitely. The broad S&P 500 stock index was off about 1% in late-morning trading. The Fed closely tracks a separate inflation gauge that has been coming in below the consumer price index, released Wednesday. Yet those figures will likely come in high enough to concern policymakers.against higher prices. The president has argued that further improvement would be possible if Republicans in Congress would back his policies, which include efforts to lower costs for prescription drugs, reduce so-called “junk fees,” and write off some student debts.
Average auto repair costs increased 1.7% from February to March and are up a sharp 8.2% from a year earlier. And the price of gas to power most vehicles surged 1.7% last month. Prices for new and used cars, though, fell slightly. “It means that the consumer’s in good shape and accepting price increases still,” Rosner-Warburton said.
Consumer Inflation High Gas Rents Auto Insurance Federal Reserve Interest Rates
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