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The Fed's preferred inflation gauge was up 0.3% in March—a 2.8 percent increase from a year earlier

"The Fed is on hold. Investors feel a little reprieve that [inflation data] didn't come in higher, which could make people start thinking about a rate-hike scenario."

The second-straight increase in core capital goods orders points to stabilization in equipment investment, which has been a drag on GDP in recent quarters.

"First, in my mind, the plain text of the FTC Act clearly gives the agency the authority to promulgate rules addressing unfair methods of competition," FTC Chair Lina Khan said. Not everyone agrees.

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.