Fed Officials Worry Stubborn Inflation Could Complicate Rate Cut Timing

• Some Fed officials worried at March meeting that inflation could remain stubbornly high, raising concerns it may not ease as expected • Consumer inflation rose more than expected in March, fueled by surging gas prices and high housing costs • Stock market dropped and odds of Fed rate cut in June declined following the hotter-than-expected inflation reading • Timing of first Fed rate cut is key issue; cutting too soon or too late could have economic consequences • Fed Chair Powell said path down to 2% inflation target will likely be bumpy; some officials disagree inflation readings are just "statistical aberrations"