A closely watched inflation report due Wednesday is expected to show that progress in fighting price pressures within the economy slowed again in March. Economists expect the consumer price index, which measures a range of goods that includes gasoline, health care, groceries and rent, to show that prices rose 3.4% in March – up from the 3.2% reading recorded the previous month. On a monthly basis, inflation is seen rising 0.3%, which is down slightly from the 0.4% figure recorded in February.
"So far in 2024, the progress has slowed, and especially with oil prices rising to a 5-month high, expectations of the date and number of Fed rate hikes has been scaled back." US ECONOMY ADDS 303K JOBS IN MARCH, MUCH STRONGER THAN EXPECTED The central bank is closely watching the report for evidence that inflation is finally subsiding as policymakers try to determine when to cut interest rates and by how much.