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Morning Bid: Markets reel on Fed cut doubts, ECB up next

It may seem like an over-reaction to an inflation miss of less than a tenth of a percentage point, but the heated March consumer price update has jolted markets into doubting any U.S. interest rate cut before the November election. After much trepidation ahead of the report, the monthly rise in U.S. CPI rise was 0.359% - rounded up to 0.4%, compared to the 0.3% forecast. To be sure, the narrative quickly focussed on stubborn rent rises and shelter inflation, spiky insurance costs and the third month in a row of a rounded 0.4% monthly gain in 'core' CPI inflation that kept annual core inflation stuck at 3.8%. ....

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