Data released moments before by the US Bureau of Economic Analysis showed an increase in US personal income by 107.2 billion dollars in March, while personal consumption expenditures rose by 185 billion dollars by 1.1% compared to the February reading.

The preferred indicator for measuring inflation of the US Federal Reserve PCE rose by 0.9% on a monthly basis, and the annual index rose to 6.6%, compared to 6.3% in the February reading, while the core index, excluding food and energy prices, declined to 5.2% and settled at 0.3% on a monthly basis.