Wall Street's main indexes gained on Friday after data showed inflation slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.
The Commerce Department's report showed the personal consumption expenditure index, which is the Federal Reserve's preferred inflation gauge, rose 0.3% in February, on a monthly basis, compared with a 0.6% rise in January.
Traders' bets of a 25-basis-point rate hike in May stand at 52.5%, with odds of a pause at 47.5%, according to CME Group's Fedwatch tool. "As the Fed rate hikes are now kind of starting to take hold right about a year later since they first began perhaps it is a sign that their hikes are starting to cool inflation," said Brandon Pizzurro, director of public investments at Guidestone Capital Management.
"But in terms of the Fed's calculus, they'll have to have more confirmation that disinflation is really taking hold beyond just a few data points here and there." Boston Fed President Susan Collins noted that it was still early for the central bank to assess whether its rate hikes have gone far enough to bring inflation back to the Fed's 2% target.
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