Overall inflation was 3.5% in March, compared to the 3.2% as of February.
A customer shops for food at a grocery store last month in San Rafael, Calif. Photo by Justin Sullivan/Getty Imagesrose 0.
Core CPI, which strips out food and energy prices, didn't budge: it was 3.8%, holding at the lowest since 2021.in public comments about January and February inflation data that showed prices rising at a quicker pace — a contrast to the more muted data at the end of 2023. That's one reason why economists have been watching this inflation release much more closely: they saw it as key to whether it might force the Fed to reconsider its predictions for
The report drove analysts to mark down their expectations for future Fed rate cuts, sending convulsions through global bond markets. The yield on two-year Treasury securities — particularly sensitive to the expected path of policy — soared by 0.19 percentage points to 4.94% as of 8:45am ET.Share on linkedin
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