Coby White scores career-high 42 points as Bulls roll past Hawks 131-116 in play-in game

CHICAGO (AP) — Coby White drew roars from the crowd early on with vicious crossovers and spins toward the basket. He was so effective he had fans chanting his name as the final minutes ticked away.

It was that kind of night.

White scored a career-high 42 points, and the Chicago Bulls advanced in the play-in tournament, knocking out the Atlanta Hawks with a 131-116 victory on Wednesday.

White had never scored more than 37 points in a regular season or postseason game. But in a breakthrough season, he delivered his best performance to date.

“It was a dope moment for that to happen,” White said. “I'm thankful for the fans. It felt like a playoff vibe. The place was rocking tonight.”

Chicago visits Miami on Friday for a shot at the No. 8 seed in the Eastern Conference playoffs and a first-round matchup with Boston. The Heat lost 105-104 to Philadelphia on Wednesday.

Dejounte Murray led Atlanta with 30 points. But the Hawks came up short again after dropping their final six regular-season games.

Nikola Vucevic had 24 points and 12 rebounds for Chicago. DeMar DeRozan finished with 22 points and nine assists.

Ayo Dosunmu added 19 points after missing the final four regular-season games because of a bruised right quadricep.

But White stole the spotlight. He went hard at the rim and made 15 of 21 field goals in a game where the Bulls shot 56.8% from the field. He also had nine rebounds and six assists.

“I root for guys that work hard and are great people," Murray said. “DeMar DeRozan's a brother to me and he speaks highly of him. He says he works hard, he's a great guy, he's handled his business, he's a professional on and off the floor. When I hear those things, I root for guys around the league just to have success. I think he's always been good. He never really got the opportunity to showcase what he's showcasing now, and the sky's the limit.”

Atlanta’s Trae Young and Clint Capela each scored 22. Young, who missed 23 games late in the regular season because of a torn ligament in his left pinkie, had 10 assists but committed six turnovers. Capela grabbed 17 rebounds. Bogdan Bogdanovic added 21 points.

The Bulls were up 88-85 when Vucevic nailed a 3-pointer with 4:59 left in the third quarter to kick off a 17-2 run.

White had the fans roaring when he scored on a neat spin around Young and fed a cutting Javonte Green for a dunk. White then scored on a layup following a block by Dalen Terry to make it 105-87 with 1:27 left in the third.

The Bulls led 40-22 after closing the first quarter on a 16-2 run, punctuated by Terry's dunk off a steal by Alex Caruso. Young committed five turnovers in the period.

The Hawks quickly got back into it, reeling off 14 straight to start the second. The Bulls got the lead back up to 58-44 midway through the quarter when a rotating Dosunmu blocked De’Andre Hunter, drawing a huge roar from the crowd, and DeRozan broke for a three-point play.

The Hawks made another push near the end of the half, pulling within three in the closing minute. But Caruso answered an alley-oop dunk by Capela with a 3 and Chicago headed to the locker room with a 73-67 lead.

Caruso exited in the third quarter with a left ankle injury. Whether he'll be ready to play against Miami was unclear.

“My mindset will be to play 'til my body tells me I can't,” he said.

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Atlanta Hawks guard Bogdan Bogdanovic looks up the scoreboard as he walks to the bench during the first half of the team's NBA basketball play-in tournament game against the Chicago Bulls in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Chicago Bulls coach Billy Donovan talks to players during the first half of the team's NBA basketball play-in tournament game against the Atlanta Hawks in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Atlanta Hawks forward Bruno Fernando (24) and Chicago Bulls guard Coby White, right, and center Andre Drummond vie for a rebound during the first half of an NBA basketball play-in tournament game in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Atlanta Hawks coach Quin Snyder, left, talks to guard Trae Young during the first half of the team's NBA basketball play-in tournament game against the Chicago Bulls in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Atlanta Hawks center Clint Capela, right, drives to the basket against Chicago Bulls guard Alex Caruso during the first half of an NBA basketball play-in tournament game in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Chicago Bulls fans cheer during the first half of an NBA basketball play-in tournament game against the Atlanta Hawks in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Atlanta Hawks guard Trae Young (11) looks to pass the ball as Chicago Bulls guard Alex Caruso and center Nikola Vucevic, right, defend during the first half of an NBA basketball play-in tournament game in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Chicago Bulls guard Ayo Dosunmu, left, blocks a shot by Atlanta Hawks guard Dejounte Murray during the first half of an NBA basketball play-in tournament game in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Chicago Bulls guard Coby White reacts to a call during the first half of the team's NBA basketball play-in tournament game against the Atlanta Hawks in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

Chicago Bulls forward DeMar DeRozan, left, and Atlanta Hawks guard Bogdan Bogdanovic reach for the ball during the first half of an NBA basketball play-in tournament game in Chicago, Wednesday, April 17, 2024. (AP Photo/Nam Y. Huh)

WASHINGTON (AP) — After three straight hotter-than-expected inflation reports, Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year. The big question, after they end their latest policy meeting Wednesday, will be: Will they still signal rate cuts at all this year?

Wall Street traders now envision just a single rate cut this year to the Fed's benchmark rate, now at a 23-year high of 5.3% after 11 hikes that ended last July. Traders have sharply downgraded their expectations since 2024 began, when they had expected up to six rate cuts.

As recently as the Fed's last meeting March 20, the policymakers themselves had projected three rate reductions in 2024. Rate cuts by the Fed would lead, over time, to lower borrowing costs for consumers and businesses, including for mortgages, auto loans and credit cards.

Most economists say they still expect two cuts this year. But many acknowledge that one or even no rate reductions are possible. The reason is that elevated inflation is proving more persistent than almost anyone had expected. According to the Fed's preferred gauge, inflation reached a 4.4% annual rate in the first three months of this year, up from 1.6% in the final quarter of 2023 and far above the Fed's 2% target.

At the same time, the economy is healthier and hiring is stronger than most economists thought it would be at this point. The unemployment rate has remained below 4% for more than two years, the longest such streak since the 1960s. During the first quarter of the year, consumers spent at a robust pace. As a result, Chair Jerome Powell and other Fed officials have made clear that they are in no hurry to cut their benchmark rate.

In his most recent remarks two weeks ago, Powell indicated that the pace of price increases had essentially undercut Fed officials' confidence that inflation was steadily heading back to their target, thereby making rate cuts anytime soon less likely. He also said the Fed would forgo any rate cuts as long as inflation remained elevated. He stopped short, though, of suggesting that any new rate increases were under consideration.

“If higher inflation does persist,” the Fed chair said, “we can maintain the current level of (interest rates) for as long as needed.”

Most economists expect Powell to reinforce that message during the news conference he will hold after the Fed's meeting ends Wednesday. But he could go still further.

During his last news conference in March, for example, Powell said the Fed's rate was “likely at its peak” and that, “if the economy evolves broadly as expected, it will likely be appropriate” to start cutting rates this year.

If Powell avoids repeating that sentiment this time, it could suggest that the Fed is less likely to reduce its benchmark rate this year.

“If that (message) is dropped, I think it would be a much stronger signal that we have to hold rates higher for longer,” said Jonathan Pingle, chief economist at UBS.

Though economic growth reached just a 1.6% annual pace in the first three months of this year, a slowdown from the previous quarter, consumer spending grew at a robust pace, a sign that the economy will keep expanding.

That persistent strength has caused some Fed officials to speculate that the current level of interest rates may not be high enough to have the cooling effect on the economy and inflation that they need. If so, the Fed could even have to switch back to rate increases at some point.

“I continue to see the risk that at a future meeting we may need to increase (rates) further should progress on inflation stall or even reverse,” Michelle Bowman, a member of the Fed's Board of Governors, said in early April.

On Wednesday, the Fed may also announce that it's slowing the pace at which it unwinds one of its biggest COVID-era policies: Its purchase of several trillion dollars in Treasury securities and mortgage-backed bonds, an effort to stabilize financial markets and keep longer-term interest rates low.

The Fed is now allowing $95 billion of those securities to mature each month, without replacing them. Its holdings have fallen to about $7.4 trillion, down from $8.9 trillion in June 2022 when it began reducing them.

By cutting back its holdings, the Fed could contribute to keeping longer-term rates, including mortgage-rates, higher than they would be otherwise. That's because as it reduces its bond holdings, other buyers will have to buy the securities instead, and rates might have to rise to attract the needed buyers.

During its meeting in March, Fed official agreed to reduce the pace of its runoff to about $65 billion a month, according to the meeting minutes.

The Fed last reduced its balance sheet in 2019, and while doing so it inadvertently disrupted financial markets and caused short-term interest rates to spike that September. Its goal in slowing the pace at which it reduces its bond ownership is to avoid a similar market disruption by moving more methodically.

FILE - Federal Reserve Board chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, March 20, 2024. The Federal Reserve wraps up its two-day policy meeting Wednesday, May 1, 2024. Most analysts expect that the central bank will leave its benchmark borrowing rate alone for the sixth straight meeting. (AP Photo/Susan Walsh, File)