Inflation Spike in April Kills Hopes for Fed Rate Cut in June

Prices rose 3.8% year-over-year in April, up sharply from 3.3% in March. That's a bigger jump than expected, and it changes the calculus for the Federal Reserve's June meeting. With only one more inflation report due before then, markets now expect the Fed to hold rates steady rather than cut them. The real question: is this a temporary blip or a sign inflation is heating up again?