The Labor Department's Consumer Price Index rose 4.9% in April from a year ago, compared with expectations of a 5% increase, raising hopes that the Federal Reserve's interest rate hiking cycle is close to an end. Month-over-month CPI in April rose 0.4% after gaining 0.1% in March.
"Should the data stay strong again in May there is every likelihood the FOMC will have to revise up its GDP and inflation projections and take down its unemployment forecast of 4.5% for Q4 this year. That could have significant implications for the dot plot," ANZ analysts said in a note. Markets are also watching out for China's consumer and producer price growth data and Japan's full-year earnings season which rolls on with Honda
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