Posted 3/29/2024, 1:13:00 PM
Inflation Remains High as Markets Take Holiday Break After Strong Quarter
- Markets closed for Good Friday holiday, but government released latest PCE inflation data showing prices rose sharply in February
- Annual inflation rate crept up to 2.5% in February from 2.4% previously
- Core PCE inflation, the Fed's preferred measure, dipped slightly but remains elevated at 2.8%
- Data is "more important than usual" in gauging whether inflation will slow as expected or remain higher for longer
- Major indexes logged strong first quarter gains, with S&P 500 notching strongest Q1 performance since 2019