As Fed Chair Jerome Powell highlighted in his April 3 speech, the disinflation process is bumpy. March CPI report is likely to illustrate that point.Economists expect U.S. CPI to rise from 3.2% to 3.4% in March, while core CPI falls to 3.7% from 3.8%. CPI energy continued to rise year-on-year, and Brent crude oil futures prices reached a high of $90 per barrel for the first time since October last year, rising 18% this year. In addition, prices of other raw materials such as copper, aluminum and cocoa are also rising sharply. Rising housing-related items, insurance and investment management fees will also lead to a rebound in super-core inflation data. It may be unlikely to see inflation fall to the Fed's target in the short term.