Before the CPI report, there was a 99.4% chance the Federal Reserve would not cut rates in March, according to the CME Fed Watch tool.

The CME FedWatch tool predicted over a 97% chance that interest rates would remain unchanged.

February month over month CPI was at 0.3% versus a 0.3% forecast.

The CPI inflation report for February showed inflation rose at a pace of 2.4%.