Wall Street markets drop after US inflation numbers rise

Wall Street markets dropped overnight after US consumer prices rose more than expected in March. Sky News Business Reporter Edward Boyd says a lot of economists in America are “pushing back their expectations” for when rate cuts will begin. Mr Boyd said there was a “50 per cent chance” of rate cuts in June before the inflation numbers came out. “Since the numbers were released in the early hours of this morning, it’s now a 20 per cent chance of interest rates being cut in June. “A lot of US economists are now expecting to see two rate cuts from the US Federal Reserve – one in November and one in December.”