The Federal Reserve lifted its outlook for core PCE inflation in 2024 but reaffirmed expectations that interest rates will probably fall by the end of the year. Despite the apparent conflict, the market quickly jumped on the bandwagon by bidding up bond prices (and lowering yields) and firming up expectations for rate cuts via the implied forecast in Fed funds futures.

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* Fed leaves rates unchanged but expects cuts later this year
* Fed Chairman Powell doesn’t appear worried about recent sticky inflation data
* New CBO estimates still project hefty runup in US debt in years ahead
* Eurozone economy close to stabilizing in March via PMI survey data
* As mortgage rates decline, US housing supply is starting to rebound
* Private equity firm Apollo offers to buy Paramount film and TV studios
* Micron shares soar as AI-driven earnings report impresses investors
* US 10-year Treasury yield continues to ease after Fed leaves rates unchanged:

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