The annual inflation rate hit 3.5% in March, the highest since September. Martin Baccardax, senior editor and chief markets correspondent at "TheStreet," joins CBS News to examine what's behind the increase and what it means for interest rate cuts.
Federal Reserve
Inflation is moving sideways, remaining above 3% for the first three months of 2024. Here's how that could impact your finances.
The Consumer Price Index rose 0.4% last month largely due to the cost of rent and gas. Prices are up 3.5% over the past 12 months, and the latest numbers cast doubt on interest rate cuts. CBS News business analyst Jill Schlesinger has more.
U.S. consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday.
Prices outside the volatile food and energy categories rose 0.4% from February to March, the same accelerated pace as in the previous month.
Higher-than-expected inflation and weak readings from business surveys have raised questions about the economy. WSJs Dion Rabouin explains what this latest jobs report says about the economy. Photo: Justin Sullivan
One Fed official on Thursday said if the economy continues to demonstrate strength, "Why would we cut rates?"
Januarys PCE report showed inflation is falling toward the Feds 2% target, but the overall economy may be slowing with it. WSJs Dion Rabouin breaks down the data showing household spending declined and was negative based on one metric. Photo: Seth Wenig/Associated Press
Investors expect Fed rate cuts this year. Well explain how the Federal Reserves statement, Chair Jerome Powells press conference and the latest summary of economic projections show whats next. Photo: Joshua Roberts
The latest report on U.S. jobs showed a huge month for the economy, with the U.S. adding 353,000 jobs to start 2024. But there are a couple worrisome details. WSJs Dion Rabouin explains how the report could affect the market. Photo: Emily Rose Bennett
Federal Reserve Chair Jerome Powell reiterated Wednesday that the central bank expects the need to cut interest rates this year, despite the recent stronger-than-expected economic activity. Photo: Loren Elliott/Bloomberg News
The U.S. added 275,000 jobs in February but wage gains slowed, signaling that the economy remains robust as inflation edges lower. Photo: Spencer Platt/Getty Images