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Elevated interest rates and a strong dollar force other currencies lower and complicate other central banks' plans to bring down borrowing costs.

Fed officials are increasingly voicing concern that high borrowing costs may not rein in demand, increasing anxiety that the central bank may raise rates further.

Following their release of higher-than-expected quarterly revenue numbers, several big banks are tapping the U.S. investment-grade market this week.

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.