The Bureau of Labor and Statistics (BLS) released March’s consumer price index report Wednesday, noting inflation rose 0.4% last month.
“Victory in the Federal Reserve’s inflation fight remains elusive with a stubbornly high headline consumer price index increase of 0.4% in March, matching February’s disappointing result,” said America’s Credit Unions’ Vice President of Research and Data and Chief Economist Mike Schenk.
“Market expectations around the timing and magnitude of Fed interest rate changes are being recalibrated. The report clearly suggests later and fewer cuts than previously believed, especially if recent trends aren’t reversed in the next few months.
“Average consumers will continue to wrestle with already-stressed household budgets & borrowing costs will remain high. Savers, on the other hand, will almost certainly enjoy high yields for longer,” Schenk concluded.
