A data-dependent Federal Reserve is likely to push back the timing of its first interest rate cut after Tuesday's release of the February Consumer Price Index (CPI) revealed that core inflation accelerated for a second consecutive month.
Headline inflation rose 0.4% last month, the Bureau of Labor Statistics said Tuesday. Although that matched economists' forecast, it represented an uptick in prices from the 0.3% rate seen in January. On an annual basis, headline inflation increased 3.2% vs 3.1% a month ago. Economists were looking for inflation to increase 3.1% on a trailing 12-month basis.
