{"id":242678,"date":"2026-05-12T11:30:00","date_gmt":"2026-05-12T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=242678"},"modified":"2026-05-13T04:35:25","modified_gmt":"2026-05-13T08:35:25","slug":"inflation-jumps-to-3-8-in-april-kills-fed-rate-cut-hopes-updated","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/inflation-jumps-to-3-8-in-april-kills-fed-rate-cut-hopes-updated\/","title":{"rendered":"Inflation Jumps To 3.8% In April, Kills Fed Rate-Cut Hopes (UPDATED)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\" id=\"h-\"><em><strong>Editor\u2019s note:<\/strong>&nbsp;This article was updated to add more detail and context.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Price pressures intensified further in April as the energy shock from the Strait of Hormuz blockade reverberated across the&nbsp;<a href=\"https:\/\/www.benzinga.com\/topic\/inflation\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Price Index basket.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The headline inflation rate climbed from 3.3% year-over-year in March to 3.8% in April, topping economist expectations of 3.7%, the Bureau of Labor Statistics reported Tuesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The outcome marks the hottest reading since May 2023 and effectively shuts the door on any near-term Fed rate cut hopes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On a monthly basis, prices rose 0.6%, matching the 0.6% consensus after March\u2019s 0.9% print.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stripping out food and energy, core inflation ticked higher to 2.8% from 2.6%, topping the 2.7% forecast. Underlying month-over-month pressures rose 0.4%, accelerating from the prior 0.2% against a 0.3% consensus.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-energy-leads-the-charge-shelter-reaccelerates\">Energy Leads The Charge, Shelter Reaccelerates<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The energy index rose 3.8% in April, accounting for over 40% of the monthly all-items increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gasoline prices jumped 5.4% month-over-month and are now up 28.4% year-over-year, while fuel oil surged 5.8% and is running 54.3% higher than a year ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Electricity climbed 2.1% on the month and 6.1% annually. The broader energy basket has now risen 17.9% over the past 12 months \u2014 the most aggressive 12-month surge in years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"h-\">Shelter, the stickiest component of core inflation, reaccelerated to 0.6% month-over-month from 0.3% in March, lifting its annual pace to 3.3%. Owners\u2019 equivalent rent rose 0.5%, while lodging away from home \u2014 the most volatile shelter subcomponent \u2014 jumped 2.4% on the month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where Prices Ran Hottest And Coldest In April<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The largest monthly seasonally adjusted increases came from:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fresh vegetables, with tomatoes alone up 15.1% on the month<\/li>\n\n\n\n<li>Airline fares, up 2.8%<\/li>\n\n\n\n<li>Beef and veal, up 2.7%<\/li>\n\n\n\n<li>Jewelry, up 3.7%<\/li>\n\n\n\n<li>Coffee, up 2.0%<\/li>\n\n\n\n<li>Personal care products, up 0.7%<\/li>\n\n\n\n<li>Household furnishings and operations, up 0.7%<\/li>\n\n\n\n<li>Apparel, up 0.6%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">On a year-over-year basis, the hottest categories were fuel oil (+54.3%), gasoline (+28.4%), airline fares (+20.7%), coffee (+18.5%), jewelry (+14.6%), beef and veal (+14.8%) and tomatoes (+39.7%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Conversely, the indexes for new vehicles (-0.2%), communication (-0.2%) and medical care (-0.1%) declined in April, offering modest offsets. Eggs collapsed 39.2% year-over-year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Market Reaction<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Crude oil futures jumped above $101 a barrel, up 3.2%, while gold fell 0.7% pressured by a stronger dollar and rising Treasury yields.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Short-term interest-rate futures remained pinned to a hawkish trajectory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to CME FedWatch, traders are now pricing a probability of over 70% of a Fed rate hike by April 2027, with the door to cuts firmly shut through year-end.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The April print cements what Wall Street has been reluctant to price in: the Hormuz shock is no longer a contained geopolitical premium but a structural force feeding through the entire inflation pipeline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rate-Hike Odds Jump After Hot April Inflation<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>1 Cut<\/th><th>Hold<\/th><th>1 Hike<\/th><\/tr><\/thead><tbody><tr><td><strong>MEETING DATE<\/strong><\/td><td><strong>3.25-3.50<\/strong><\/td><td><strong>3.50-3.75<\/strong><\/td><td><strong>3.75-4.00<\/strong><\/td><\/tr><tr><td>17\/06\/2026<\/td><td>2,36%<\/td><td>97,64%<\/td><td>0,00%<\/td><\/tr><tr><td>29\/07\/2026<\/td><td>4,50%<\/td><td>95,50%<\/td><td>0,00%<\/td><\/tr><tr><td>16\/09\/2026<\/td><td>0,00%<\/td><td>97,79%<\/td><td>2,21%<\/td><\/tr><tr><td>28\/10\/2026<\/td><td>0,00%<\/td><td>84,50%<\/td><td>15,50%<\/td><\/tr><tr><td>09\/12\/2026<\/td><td>0,00%<\/td><td>67,98%<\/td><td>32,02%<\/td><\/tr><tr><td>27\/01\/2027<\/td><td>0,00%<\/td><td>56,50%<\/td><td>43,50%<\/td><\/tr><tr><td>17\/03\/2027<\/td><td>0,00%<\/td><td>37,07%<\/td><td><strong>62,93%<\/strong><\/td><\/tr><tr><td>28\/04\/2027<\/td><td>0,00%<\/td><td>28,50%<\/td><td><strong>71,50%<\/strong><\/td><\/tr><tr><td>09\/06\/2027<\/td><td>0,00%<\/td><td>31,18%<\/td><td><strong>68,82%<\/strong><\/td><\/tr><tr><td>28\/07\/2027<\/td><td>0,00%<\/td><td>34,50%<\/td><td><strong>65,50%<\/strong><\/td><\/tr><tr><td>15\/09\/2027<\/td><td>0,00%<\/td><td>54,65%<\/td><td>45,35%<\/td><\/tr><tr><td>27\/10\/2027<\/td><td>0,00%<\/td><td>53,50%<\/td><td>46,50%<\/td><\/tr><tr><td>08\/12\/2027<\/td><td>0,00%<\/td><td>62,93%<\/td><td>37,07%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: CME FedWatch Tool<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted May 12, 2026 &#8211; <a href=\"https:\/\/www.benzinga.com\/markets\/macro-economic-events\/26\/05\/52483149\/us-inflation-data-report-cpi-april-2026\">Inflation Jumps To 3.8% In April, Kills Fed Rate-Cut Hopes (UPDATED)<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Price pressures intensified further in April as the energy shock from the Strait of Hormuz blockade reverberated across the Consumer Price Index basket.<\/p>\n","protected":false},"author":1128,"featured_media":181900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[],"contributors-categories":[13584],"class_list":["post-242678","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","contributors-categories-benzinga"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inflation Jumps To 3.8% In April, Kills Fed Rate-Cut Hopes (UPDATED)<\/title>\n<meta name=\"description\" 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