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US inflation drops to 3.4% in April
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investmentweek.co.ukAccording the Bureau of Economic Analysis (BEA), core CPI reached 3.6% year-on-year, the lowest level since April 2021. The headline figure fell in line with economists' predictions and comes a day after Federal Reserve chair Jay Powell said the central bank would have to keep interest rates higher for longer as it tries to tackle wages inflation and a rise in wages. On 1 May, the Federal Reserve decided to keep the interest rate steady at 5.25% to 5.5%, the highest since 2007. Meanwhile, April's CPI came against the backdrop of weaker than expected retail sales in March, which rem...
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