Key Fed Inflation Rate Ran Hot Before Oil Prices Jumped; S&P 500 Futures Slip

The Federal Reserve's primary inflation rate, the core PCE price index, rose a bit more than expected in February. The report showing persistently high inflation ahead of the Iran war adds to inflation concerns fueled by Tehran keeping the Strait of Hormuz closed, despite Tuesday's ceasefire. S&P 500 futures fell slightly, following Wednesday's relief rally.