US Inflation Rises to 3.5%, Higher Than Expectations

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The US inflation rate for March has risen to 3.5%, higher than expected, marking the second consecutive month of increasing inflation. This outcome reduces the likelihood of interest rate cuts by the Federal Reserve. The Bureau of Labor Statistics reported that inflation increased from 3.2% in February. The market is now awaiting insight from Fed Chair Jerome Powell on the direction of interest rates. The rising inflation rate has been a key concern for the US economy, and the Federal Reserve has been striving to reach its target of 2%. The recent data has dashed hopes of an interest rate cut. Powell had previously indicated the possibility of three rate cuts in 2024, but expectations for these cuts have fallen to their lowest level since October 2023.

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