POWELL: SEES PCE AT 3.5% IN MARCH

Federal Reserve Chair Jerome Powell noted the March PCE inflation print came in at 3.5%, above the Fed’s 2% target and prior expectations. This reading reinforces concerns about persistent inflationary pressures, likely limiting the scope for near-term rate cuts and supporting a higher-for-longer interest rate stance. The dollar and Treasury yields may face upward pressure as markets reprice rate cut expectations, with front-end yields particularly sensitive to diminished easing bets. Equities, especially rate-sensitive sectors like technology, could face headwinds amid tighter financial conditions. Traders will focus on the upcoming FOMC minutes and April labor market data to assess the Committee’s policy path.

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