A previous version misstated the estimate. The market is pricing in an approximately 92% chance the Fed raises interest rates at the July meeting, according to CME's FedWatch Tool.Ĭorrection: Economists polled by Dow Jones expected CPI to rise 3.1% last month. June data for the producer price index - another well-watched gauge of inflation - is due Thursday before the bell.īoth price indexes are being watched for tea leaves on the path of inflation, which investors see as potential harbingers for how the central bank will move interest rates going forward. All three of those things, while they are moderating, are still uncomfortably high," Horneman added. "There's still three areas of the inflation that the Fed's looking at very closely - service inflation, wage inflation and housing inflation. But I don't think we're ready to say that they're going to be able to cut rates," said Megan Horneman, chief investment officer at Verdence Capital Advisors. Inflation is going the way that the Federal Reserve wants it to go. On top of that, core CPI - which strips out volatile food and energy prices - rose less than expected. Month over month, the index rose 0.2% last month, also less than forecast.
Economists polled by Dow Jones expected a 3.1% increase. The consumer price index rose 3% on a year-over-year in June. Regional banks also saw gains, with Comerica adding 3.1%, and Zions Bancorporation jumping 2.8%. Citigroup and Goldman Sachs saw shares climb 1.8% and 1.7%, respectively. Personal Loans for 670 Credit Score or Lowerīank stocks jumped on Wednesday. Personal Loans for 580 Credit Score or Lower
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