Traders in the federal-funds futures market are expecting the Federal Reserve will hold its benchmark interest rate steady until June, when they anticipate a potential rate cut. Fed-funds futures pointed to a 99% probability of the Fed keeping its policy rate at the current level of 4.

Cooler inflation last month leaves the door open for the Federal Reserve to resume cutting interest rates by mid-year, but the central bank remains worried that U.S. tariff hikes could rekindle price pressures,