The Fed's complicated rate path ahead. Here's what the markets expect

Breakdown

• CPI shows the largest monthly and yearly increase since January, rising 0.4% month-over-month and 2.9% year-over-year.
• Core inflation remains elevated, with notable increases in auto repairs, used cars, and airline fares, some linked to tariffs. 46s
• A spike in jobless claims is observed, largely attributed to seasonal factors, particularly in Texas. 1m 7s
• Markets expect the Fed to implement three rate cuts this year, with little change in outlook after the latest data. 1m 28s
• Economists remain concerned about persistent inflation in core services, despite expectations that tariff-driven inflation will be temporary. 2m 49s