Some economists are now contemplating what was previously unthinkable — and they are focused on the personal-consumption expenditures price index

Federal Reserve policymakers got fresh reasons to hold short-term borrowing costs steady after government data signaled renewed strength in the U.S. job market, with traders now betting the U.S. central bank will wait until June to cut interest rates again and end its rate-cutting cycle there.

St. Louis Fed President Alberto Musalem suggests greater caution is warranted on reducing interest rates.