Jammu, May 1 -- As the Federal Reserve convenes this week for its latest policy meeting, Chairman Jerome Powell will give an eagerly awaited update on the central bank's approach to interest rates. After months of aggressive hikes aimed at reining in surging inflation, Powell signaled in March that rates may soon peak. However, stubbornly high price increases in recent reports have increased doubts about further cuts in 2024.

Consumer costs jumped more than expected in the first quarter, troubling Fed officials who want to see inflation return sustainably to the 2% target. Combined with ongoing wage growth and resilient consumer spending, the data argue for maintaining the current interest rate range for now. Should price pressures prove...