Economists predict a 3.4% increase in the Consumer Price Index for April, slightly lower than March's 3.5%. Core inflation, excluding food and fuel, is expected to be 3.6%, the lowest since early 2021.
Inflation data on Wednesday impacts Federal Reserve policy decisions on interest rate cuts. Progress on curbing price increases has slowed, leading investors to doubt rate cuts before September.
Despite little chance for immediate rate cuts, a positive inflation report can build policymakers' confidence in the return to normalcy, a prerequisite for future rate reductions.
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