Key inflation data rises 2.8% annually, in line with expectations

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A key reading on inflation showing no progress this morning, raising questions about whether the Federal Reserve could push out the timing of expected interest rate cuts this year.

The Fed's preferred inflation measure — the "core" Personal Consumption Expenditures index that excludes volatile food and energy prices — clocked in at 2.8% on a 12-month basis and was up 0.3% from a month ago. Both numbers matched estimates.

The latest reading on inflation comes as Federal Reserve Chair Jay Powell is set to speak later this morning.

The stock and bond markets are closed in observance of the Good Friday holiday

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