The U.S. services sector growth slowed in March, with prices paid by businesses for inputs reaching a near 3-1/2-year high. The Institute for Supply Management's nonmanufacturing purchasing managers index dropped to 54.0 from 56.1 in February. This is an early sign of inflation due to the ongoing conflict with Iran, which has boosted global oil prices by more than 50%. The national average retail gasoline price has risen above $4 a gallon for the first time in over three years. The anticipated inflation fallout from the conflict has reduced the odds of an interest rate cut this year.