Ken Tejonassam, a portfolio analyst, said the slightly higher-than-expected US CPI data "added more uncertainty to the market". He said inflation was proving trickier than the Fed had expected, especially in areas such as housing, healthcare and motor vehicle insurance. "While inflation has come down from its peak, it's not cooling fast enough, which is the key issue." The strategist said the data made it harder for the Fed to justify another 50 basis points cut this year.