The war against inflation was never going to be easy, but the latest consumer price index data demonstrates just how tough a fight the Federal Reserve is facing. In the months ahead, the outcome of that battle will have major implications for your finances.
New labor data shows that U.S. prices in March rose 3.5% from a year ago, hotter than economists expected and the third straight month that inflation has accelerated. Gasoline prices and rent contributed over half the monthly increase, the government said on Wednesday.
The upshot: The Fed’s ongoing campaign to tame inflation is far from over. That has left consumers and investors wondering if the central bank, who until recently were widely expected to cut its benchmark interest rate in June, could push back that timeline several months, or even into 2025.
Fed Chairman Jerome Powell has underscored that policy makers are closely monitoring inflation data to assess their progress in nudging it back toward their 2% annual rate, its level …
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