"US Inflation Remains Elevated, Fed Eyes Potential Rate Cuts"

US inflation likely remained elevated last month, exceeding the Federal Reserve's target, driven by higher gas and grocery prices, while underlying price pressures continue to ease. Despite a healthy job market and economic growth, inflation remains a potent issue in the upcoming presidential election. Fed Chair Jerome Powell indicated that the central bank is getting closer to cutting rates, with most economists expecting the first rate cut to occur in June. The still-healthy economy could keep inflation elevated, but signs of cooling, such as rising unemployment and slowing wage growth, may lead the Fed to begin cutting rates.