Strong US consumer inflation readings seen delaying Fed rate cut

📆 4/10/2024 12:02 PM
📰 Reuters

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U.S. consumer prices increased more than expected in March as Americans continued to pay more for gasoline and rental housing, leading financial markets to anticipate that the Federal Reserve would delay cutting interest rates until September.

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But prices for meats and eggs rose. There was a modest increase in the prices of fruits and vegetables. President Joe Biden urged "corporations including grocery retailers to use record profits to reduce prices." Biden who will face former President Donald Trump in a rematch in November also said he had plan to lower housing costs by building and renovating more than two million homes.

The central bank has kept its policy rate in the 5.25%-5.50% range since July. It has raised the benchmark overnight interest rate by 525 basis points since March 2022.Excluding the volatile food and energy components, the CPI gained 0.4% last month after a similar rise in February and January. Before rounding, the so-called CPI increased 0.359%, which economists said indicated that inflation was not running out of control. The monthly core CPI was boosted by rents.

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