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- U.S. inflation tracked sideways in April, a worrying sign for the U.S. central bank that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates.
Core PCE subtracting food and energy prices, rose 0.2% month to month, less than the forecast repeat of March's 0.3% rise. In the 12 months to April the core index rose 2.8%, the same as expected and as last month's rise.STOCKS: U.S. stock futures turned 0.
“This is basically exactly what the Fed has detailed. This is a favorable report showing that core is slowing and perhaps some of that seasonality that they have identified that has come in the first quarter of the year is coming off, and now we’re resuming the slowing that we saw in the second half of last year.”
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