CIBC discusses its reaction to today's US CPI print for the month of April.

"Core inflation continued to advance at a steady, but still too hot, pace in April in the US, while higher prices at the pump meant that overall price pressures picked up momentum once again. Core inflation maintained its 0.4% m/m pace in April, in line with consensus expectations. The annual rate for core inflation now stands at 5.5%. Once again, shelter was the largest contributor to the monthly increase, though prices for used cars and trucks also grew strongly.The annual rate now stands at 4.9%. ," CIBC notes.

"Today’s data was in line with expectations and does not change our view that the Fed has now paused its interest rate hikes, but the still hot pace in core inflation also reaffirms that rate cuts are not in the cards for this year," CIBC adds.