Trump wants rate cuts. The data just made that nearly impossible.

The President's push for rate cuts faces challenges as inflation data complicates the outlook. The April Consumer Price Index showed a year-over-year increase of 3.8%, driven by rising energy costs, particularly oil prices at $101.56 per barrel. Core inflation also rose to 2.8%. Despite expectations for easing, the stable unemployment rate at 4.3% and increasing Treasury yields signal limited near-term cuts. Lower-income households are particularly affected, with companies like Kraft Heinz and McDonald's noting financial strain among consumers.