Oddbean

Dow gains more than 200 points after inflation slows to 3-year low: Live updates ========== The Dow Jones Industrial Average climbed 246 points, or 0.62%, after the release of more encouraging U.S. inflation data. Consumer prices increased 2.9% year-over-year, down from 3% in June and the lowest reading since March 2021. So-called core inflation, which strips out food and energy from the headline number, advanced 0.2% on the month. Investors are looking toward the CPI reading to get a full-plated picture of the state of the economy and to further solidify the prospect of an interest rate cut at the central bank’s September meeting. Futures market pricing is roughly split down the middle between expectations for a quarter or half-percentage point reduction at central bank meeting on Sept.17-18, and forecast a total basis point in shifts by the end of the year. All three major averages are now above their Aug. 2 closing level, which was the session before the global market sell-off on Aug. 5 that appeared to be related to an unwind of the yen carry trade and concerns about economic growth. #DowJonesIndustrialAverage #Inflation #InterestRateCut #Cpi #EconomicGrowth https://www.cnbc.com/2024/08/13/stock-market-today-live-updates.html