Wall Street ends mixed while inflation data keeps Fed rate-cut hopes intact
The consumer price index (CPI) rose 0.2% in October for the fourth straight month and advanced 2.6% on an annual basis, the Labor Department's Bureau of Labor Statistics said. Excluding the volatile food and energy components, the CPI increased 0.3% in October, meeting economists' forecasts.
After the report, traders' bets reflected a more than 82% probability for a 25 basis-point interest rate cut at the Fed's December meeting, up from 58.7% on Monday, according to CME group's FedWatch tool.
While some Fed officials sounded more cautious on Wednesday, Minneapolis Fed President Neel Kashkari told Bloomberg TV that he was confident inflation was headed down, noting that the CPI data «confirms» that downward path.
«There's some relief inflation didn't come in ahead of expectations. That was a concern coming into today's CPI report,» said Angelo Kourkafas, senior investment strategist at Edward Jones. «The fact we got a right-in-line number helped alleviate some of those fears. Nothing we saw today from today's data argues against a December rate cut.»
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