Federal Reserve boss Jerome Powell said recent forecast-beating inflation data had lowered his confidence that prices will slow as quickly as hoped. Photo: CHIP SOMODEVILLA / GETTY IMAGES NORTH AMERICA/Getty Images via AFPAsian markets wobbled Wednesday ahead of key US inflation data later in the day, with traders struggling to pick up the baton after a record performance on Wall Street.
Investors were also digesting a warning from the central bank's boss that the battle against prices was proving tougher than expected and indicated interest rates could remain elevated for some time. "Even if the decline is slight, markets are looking for further evidence that the downward trend in inflation remains intact and, importantly, is not in the process of reversing course higher."A sense of optimism on Wall Street pushed all three main indexes higher, with the Nasdaq hitting a new record and the S&P 500 coming within a whisker of its own all-time peak.
The CPI release comes after Fed chief Jerome Powell said readings at the start of the year had lowered his level of confidence that price rises would slow back down towards officials' long-term target.
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