Futures tread higher ahead of latest inflation test

The March reading of the U.S. Consumer Price Index (CPI) is now in focus and is expected to show a rise in headline inflation to 3.4% year-on-year, from 3.2% in February. Traders have priced in about 67-basis-point rate cuts by the Fed, according to LSEG data, down from about 150 bps anticipated at the start of the year. Minutes from the Fed's March meeting, where it stuck to its guidance of three rate cuts this year, are due later in the day and could be key in gauging the central bank's stance on cutting interest rates.