Core inflation rate hit 3.2% in March as first-quarter growth disappointed at 2%

core inflation hit 3.2% in march, the highest since november 2023. the core pce index rose 0.3% for the month, matching estimates. including food and energy, the annual rate hit 3.5%. the iran war sent oil prices soaring, pushing gas above $4 a gallon. first-quarter gdp grew at a 2% annualized pace, below the 2.2% estimate but up from 0.5% in q4 2025. personal spending rose just 1.6% as goods outlays fell 0.1%. government spending jumped 4.4%, with federal outlays up 9.3%. initial jobless claims hit 189,000 for the week ended april 25 — the lowest since september 1969 and well below the 212,000 estimate. the fed held rates steady on wednesday, but four fomc members dissented. three regional presidents objected to language implying the next move would be lower.