A new and highly anticipated inflation report is out, and the numbers show that inflation remains stubbornly above where the Federal Reserve wants it to be. The March report marks three months in a row of higher-than-expected inflation, which could further jeopardize the Fed's plan to cut rates three times this year.
- Key numbers: The 12-month inflation rate is now 3.5%, above expectations of 3.4% and well above the Fed's goal of 2%, reports CNBC. The figure is also above the rate of 3.2% logged in February, notes the Washington Post. On a monthly basis, the consumer price index rose 0.4%, above estimates of 0.3%.
- At the core: Inflation for "core" prices, excluding volatile food and energy, is now at 3.8% over 12 months, and it's up 0.4% for the month, above expectations of 3.7% and 0.3%. As the AP notes, the Fed "closely tracks core prices because they tend to provide a good read of where inflation is headed."
- Stock market: Dow futures were up about 60 points just before the report's release, and they fell about 400 points when the report came out.