US service sector recovered in February

Data released by Markit today showed that the Manufacturing PMI, which represents 11.9% of the US economy, fell to 58.5 points in the first half of February, compared to the final reading of 59.2 in January. The services PMI in the world's largest economy, which accounts for more than two-thirds of US economic activity, rose to 58.9 points in February from 58.3 points in January, the highest level since March 2015.

Fed Chairman Jerome Powell said last week that while he expects inflation to rise through the fundamental influences and pent-up demand when the economy fully reopens, that will be temporary, indicating three decades of low and stable prices.