Steven Blitz, chief U.S. economist at TS Lombard, wrote that the inflation data did not give the Fed a signal to cut interest rates. Although the CPI fell from 3% to 2.8% in February, "the anomalies in the data are enough to cast doubt on any attempt to view it as a trend." Prices of goods excluding food and energy rose at a seasonally adjusted annual rate of 2.7% in February, an improvement from 3.5% in January but still volatile, Blitz said. This is "the category where the tariff impact was most pronounced in the first round," he said. Eventually, employment continues to rise, and inflation will follow suit.