The highlight of the day was that inflation in the US remains hotter than expected by the US central bank. The Consumer Price Index (CPI) rose by 0.4% on a monthly basis and 3.5% on an annual basis, exceeding expectations, a rise from the figures reported in the previous month. The core CPI also surpassed forecasts, maintaining a consistent rate of 0.4% MoM and 3.8% YoY in line with February's data.
That prompted investors to expect a less dovish Fed, as shown by Chicago Board of Trade (CBOT) data. December’s 2024 Federal funds rate (FFR) contract suggests that market players estimate the FFR to finish at 4.98%.
Recently, the latest Federal Open Market Committee Minutes revealed that policymakers would like to be more confident that inflation continues to decelerate before committing to ease policy. The minutes highlighted that almost all saw it appropriate to cut this year, though most saw upside risks in inflation
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