Goldman Sachs pushes back expectations for Fed rate cut to July after hot CPI data

Goldman Sachs said on Wednesday it expects the U.S. Federal Reserve to begin reducing interest rates from July, compared with its earlier projection of June, following a hotter-than-expected inflation data.

U.S. consumer prices increased more than expected in March amid rises in the costs of gasoline and shelter, casting further doubt on whether the Fed will start cutting interest rates in June.