U.S. March CPI 3.3%, gasoline surges 21.2%

BLS posts March CPI at +0.9% month-over-month and +3.3% year-over-year—the highest in roughly two years. Gas prices spike a record 21.2%, accounting for nearly three-quarters of the monthly gain. Core inflation holds at +0.2% monthly (+2.6% yearly). April 28-29 FOMC meeting now priced for a pause.