Inflation Remains a Persistent Problem for the U.S. Economy

Inflation remains the stickiest of problems for the U.S. economy, with the March consumer price index coming in hotter than expected — the third straight month that prices have accelerated. Gasoline prices and rent contributed over half the monthly increase, the government said on Wednesday.Prices in March rose 3.5% on an annual basis, higher than the 3.4% expected by economists polled by financial data services company FactSet. It also represents a jump from February's increase of 3.

Fed officials have made clear that with the economy healthy, they're in no rush to cut their benchmark rate despite their earlier projections that they would reduce rates three times this year.At the start of 2024, Wall Street traders had projected that the Fed would cut its key rate up to six or seven times this year. In March, Fed officials signaled that they envisioned three rate cuts.

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