Hot inflation data casts doubt on imminent Fed rate cuts

Inflation running higher than expected, raising questions about timing of expected Fed rate cuts

Market bets point to likely delay in start of rate cuts to July meeting rather than June

Forecasts may show fewer total rate cuts in 2024 and 2025 due to stubborn inflation

Economy remains strong despite some cooling, validating Fed's patient approach

Fed likely to provide more details soon on balance sheet reduction plans and potential slowing of roll-off