Welcome to Seeking Alpha's Wall Street Lunch. Our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday April 10th and I'm your host Kim Khan. Our top story so far.

So much for the summer of rate cuts. Consumer inflation continued to show stickiness to use the

market buzzword du jour, giving the Fed more reason after the strong employment

report to keep rates elevated.

The March Consumer Price Index rose 0.4%, topping the 0.3% rise economists expected. The annual rate rose to 3.5%. The core

C. P. I, which excludes food and energy, rose 0.4% as well, also ahead of

forecasts with the annual rate staying at 3.8%.

Shelter and gasoline both increased in March, contributing more than half of the monthly

increase in the all items index.

Odds for rate cuts at this year's Fed meanings tumbled after the print.

June had been 50-50 ahead of the numbers, but now the chance of a quarter-point cut is around 20%.

The July odds are just below 50% while September fell 15 basis points to around 75%.

Overall, 48 basis points of cuts are now priced in for 2024.

That's fewer than two cuts this year.

Tom Graf, Chief Investment Officer at Fasset, says,

I've been on team summer rate cut

that this is going to make a cut by July

quite difficult, in my opinion.

But Raymond James, Chief Economist Eugenio

Alaman says the core PCCE price index, which are the Fed favors over

CPI for its inflation benchmark, will likely come in lower than the CPI, as shelter costs represent a larger weight than the

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