The latest consumer price index report (CPI), released Thursday, showed that inflation is starting to cool. CNBC reports that the CPI increased by 0.4 percent this month and 7.7 percent since last year, less than the predicted growth of 0.6 percent and 7.9 percent, respectively.
This is the lowest annual inflation reading since January, per CNN. In response, the Dow Jones Industrial Average increased by over 800 points and the S&P 500 opened with a gain of 3.6 percent. This reflected hopes that the Federal Reserve would cut back on raising interest rates. "The report provides ammunition for the Fed to begin pricing in sub-75-basis-point tightening," explained Eric Merlis of Citizens.
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