Fresh data on inflation, jobs could force Fed to rethink interest rate cuts
NY Post
The Federal Reserve’s path to cutting interest rates later this year just got a bit more complicated thanks to fresh data showing that inflation continues to remain stubbornly high while the job market is staying hot.
The Producer Price Index, which measures wholesale inflation, rose 0.6% in February, the Labor Department said on Thursday — doubling the 0.3% forecast from Dow Jones and the 0.3% gain registered in January.
Core PPI, which excludes food and energy, rose 0.3%, outstripping estimates who forecast a 0.2% increase, according to data released by the Bureau of Labor Statistics.
Earlier this week, the federal government reported that the main inflation gauge, the Consumer Price Index, rose 3.2% last month versus a year earlier, above January’s 3.1% annual pace.
The stronger-than-expected CPI numbers has effectively shut the door on the possibility of an interest rate cut before June.
Fed policymakers are likely to leave the policy rate in the range of 5.25% to 5.5% when they meet next week.
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