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Today's release of the Personal Consumption Expenditures price index for March revealed that inflation remains entrenched in the U.S. economy, though not as elevated as some analysts had feared. The reaction in the gold futures market was relatively muted in response to the data.
George Mateyo, chief investment officer at Key Wealth, commented,"Inflation reports released this morning were not as hot as feared, but investors should not get overly anchored to the idea that inflation has been completely cured and the Fed will be cutting interest rates in the near-term. The prospects of rate cuts remain, but they are not assured, and the Fed will likely need weakness in the labor market before they have the confidence to cut.
Indeed, it now seems unlikely that the Fed will deliver its projected three quarter-point rate cuts this year. According to the CME Group's FedWatch tool, which tracks futures market pricing, the timeline for the first rate cut has been pushed out to September at the earliest.
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