Price Action Muted As Inflation Worries Re-Emerge
Chastened investors are heading into the weekend on a cautious footing after two inflation readings suggested that price pressures in the US economy remain stubbornly elevated, further undermining hopes the Federal Reserve could soon begin cutting rates. Markets tumbled during yesterday’s session after data showed producer prices increased in February by the most in six months as the cost of goods like gasoline and food surged. According to the Bureau of Labor Statistics, the producer price index for final demand increased 0.6 percent from January, up 1.6 percent from a year earlier, marking the fastest annual advance since September. Consumer...