Goldman Sachs: Inflation is temporarily in abeyance but pressure has not disappeared, and the Federal Reserve has room to remain patient.

Alexandra Wilson-Elizondo of Goldman Sachs Asset Management said that the market was already prepared for strong inflation data, so today's data, which was in line with expectations, brought some relief. However, this may be the best overall inflation reading we can see in the near future, as this data may only partially reflect the full impact of the Iran conflict, which temporarily pushed up U.S. crude oil and gasoline prices by about 70%. She added, "The Federal Reserve has room to remain patient, and there are ample reasons to do so. Today's data buys the Fed some time, but the real test lies ahead."