CPI Inflation In Line As Rent Slows, Energy Heats Up; S&P 500 Falls

Group 1 - The consumer price index (CPI) for February rose by 0.3%, matching expectations, with the 12-month CPI inflation rate holding steady at 2.4% [1][1][1] - Shelter inflation has decreased, with primary rent rising only 0.1%, the lowest monthly gain since January 2021, and owner's equivalent rent increasing by 0.2% [1][1][1] - The core CPI, excluding food and energy prices, increased by 0.2%, maintaining a 12-month core inflation rate of 2.5%, tied for the lowest level since early 2021 [1][1][1] Group 2 - Markets are currently pricing in a minimal chance (0.7%) of a rate cut at the upcoming March 18 Federal Reserve meeting, with odds of a cut through April 29 at just 11% [1][1][1] - The S&P 500 futures fell by 0.1% early Wednesday, reflecting fluctuations in oil prices, and the index ended the previous session 2.8% below its record closing high from January 27 [1][1][1] - Economists forecast the overall CPI to rise by 0.3%, keeping the headline inflation rate at 2.4%, while core prices are expected to rise by 0.2% [1][1][1]