- Annual headline CPI inflation rose sharply to 3.3% in March, with monthly energy prices rising by 10.9%. Annual core inflation also rose by 10 bps to 2.6%.
- The Federal Reserve held rates steady at its March meeting. The current target range stands at 3.5-3.75%.
- Employment rose a strong 178K in March, following job losses in February.
- Annual wage growth fell 30 bps in March to 3.5%. Over the last three months, wages grew by 3.9% (annualized).
- Consumer sentiment fell sharply in April due to concerns about rising gasoline prices. Views of current and future conditions both fell.
- The 30-year fixed mortgage rate rose considerably in March and reached a high of 6.5% in early April. Rates have since moderated slightly to 6.4%.
* Latest data available.
U.S. retail gasoline prices rose sharply alongside crude oil in March and early April amid escalating tensions in the Middle East. Retail gasoline prices rose 38% from $3.07/gallon in late February to $4.25/gallon in mid-April. Accelerating energy costs pushed headline CPI inflation up to 3.3% year-over-year, contributing to weaker consumer sentiment and raising concerns around affordability.
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