Fed’s preferred inflation gauge hits 3-year high as gas prices spiked on Iran war

US inflation accelerated in March as the Iran war raised gasoline prices, bolstering financial market expectations that the Federal Reserve could keep interest rates unchanged well into next year. The personal consumption expenditures price index jumped 0.7% last month, the largest gain since June 2022, after an unrevised 0.4% rise in February, the Commerce Department’s Bureau…

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