Federal data released Friday showed that inflation remains elevated. The figures came out on the heels of other data showing the U.S. Gross Domestic Product underperformed in the first quarter of this year.

Both the inflation and GDP data points raised concerns among economists and renewed criticism of President Joe Biden among Republicans.

“Given the elevated levels of inflation – and this is the new normal for 2024 – the market is going to need to get over hopes for Fed rate cuts,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance in North Carolina, said in a statement. “Yes, they may cut once (or not at all), but there is no possibility the Fed is going to cut rates 3 or more times, unless we go into recession.”

The U.S. Bureau of Economic Analysis released the Personal Consumption Expenditure data Friday, which showed the PCE rose 0.3% last month. The federal Consumer Price Index, another leading marker of inflation, reported prices rising 0.4% last month.