Inflation Stays Higher than Expected in March, Lowering Hopes for Fed Rate Cuts This Year

• Inflation data disappoints again, with March CPI rising 0.4% vs 0.3% expected; yearly CPI up 3.5% vs 3.4% expected • Core CPI, excluding food and energy, also rose more than expected in March at 0.4% monthly and 3.8% yearly • Bitcoin price falls over 1% to $68,200 following news, dashing hopes for Fed rate cuts this summer • Markets had priced in 5-6 Fed rate cuts in 2024, but steadier inflation through Q1 hasn't cooperated
• Traders now see just 2-3 Fed rate cuts this year, with September the new most likely start vs June/July before