Inflation rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.
rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index., which has been aiming to move toward cutting interest rates in the coming months. It’s also bad news for President Joe Biden. The The Fed has worked to drive down inflation for two years now by raising interest rates. Wednesday’s report casts uncertainty over the timing of the Fed beginning to trim rates.
Annual inflation peaked at about 9% in June 2022, and, while it is now much lower than it was, price growth is still running higher than the Fed’s preferred 2% level. Inflation has been blamed on factors on both the supply and demand sides of the equation. Republicans have blamed the rash of stimulus spending amid the pandemic coupled with ultra-low interest rates. Democrats have highlighting supply-side issues and noted that inflation rose in most Western countries and not just the U.S.The higher interest rates are causing some pain for consumers who have already been buffeted by too-high inflation.
The average rate on a 30-year fixed-rate mortgage, for example, has risen from under 3% when Biden was inaugurated to 7.11% in the most recent reading provided byThe country’s strong jobs market and positive gross domestic product growth have given the Fed more wiggle room to keep rates higher for longer.
The economy added 303,000 jobs in March, a number that exceeded expectations. Economists had forecast about 212,000 new payroll jobs, adjusted for seasonal variation.Additionally, GDP grew at a robust 3.4% annualized rate in the fourth quarter of 2023, adjusted for inflation, and
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