US stocks fall as inflation drops in March but traders mull fresh recession concerns
by the Federal Reserve said policymakers anticipate banking sector turmoil to send the economy into a downturn later this year.
Equities erased earlier gains in the session, which were spurred by a cooler-than-expected March inflation report. "Reflecting the effects of less projected tightness in product and labor markets, core inflation was forecast to slow sharply next year," FOMC minutes said. The consumer price index increased 0.1% month-over-month in March compared to analysts' estimates of 0.2%, and was up 5% from a year ago Excluding food and energy prices, the closely watched core CPI increased 5.6% on an yearly basis compared to 5.5% in February.
Inflation levels remains elevated as the US central bank tries to wrangle it down to its 2% target. Fed fund futures are showing odds favor a 25 basis-point rate hike in May and for the Fed to begin cutting interest rates in July.
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