Inflation Slows but Does Not Deflate Expectations of Rate Hikes
- Following seven months of rate hikes from the Federal Reserve, the broad consumer price index (CPI) rose just 5% year over year in March, a significant slowdown from February's reading of 6% annualized inflation.
- While headline inflation declined, core CPI, which excludes volatile food and energy prices, continued apace at 5.6% annually and raised concerns that inflation may remain persistently high.
- The wholesale price index (PPI) declined 0.5% on the month, reflecting collapsing energy prices but also suggesting that risks remain for the Fed's 2% inflation target.
- Nonetheless, economic strength and a tight labor market allowed Fed officials to increase interest rates again in March and indicate another quarter point hike is likely when the Fed committee next meets in May.
- Investors remain hopeful of an end to steadily rising costs of living but remain wary that high inflation may not yet be in the rearview mirror.
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