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In contrast to recently released economic data, Fed districts report seeing weakness in some areas of consumer spending and smaller profit margins for businesses.

Powell's remarks indicate that any reductions in 2024 may come relatively late in the year, if at all.

"With the increase in yields, U.S. corporate bonds [are] more attractive versus European corporate bonds for all tenor points and all currencies, for the first time this cycle."

The value of retail purchases increased 0.7% from February. Excluding cars and gasoline, sales jumped 1% month over month.

With the presidential election looming, the stalling of inflation improvements may limit the Fed's ability to cut at all this year.

After the metric rose 3.8% rise year-over-year: "The sound you heard there was the door slamming on a June rate cut."

Experts increasingly expect the Fed to raise interest rates more slowly than other central banks, which could lead to parity between the euro and the dollar.

The electronic-trading platform, long known for its fixed-income offerings, will pay $785 million in its biggest acquisition yet.