12/13/2023

Wall Street Hits Fresh 2023 Highs After Inflation Data

The Fed is on deck

On Tuesday, U.S. stocks closed at fresh highs of the year, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank's last policy decision of the year on Wednesday.

The November Consumer Price Index (CPI) rose 3.1 percent on an annual basis, in line with estimates from economists polled by Reuters, as a drop in gasoline prices was overshadowed by a rise in rents. Core prices, excluding volatile items such as food and energy costs, also matched expectations, showing a 4 percent annual rise.

On a month-on-month basis, consumer prices ticked up 0.1 percent last month, compared with estimates of remaining unchanged.

Please select this link to read the complete article from Reuters.