The Fed’s preferred inflation metric underscored an improving inflation environment.
The Dow Jones Industrial Average surged 602 points, or 1.5%, to 40,538. The S&P 500 was up 0.9%, and the Nasdaq gained 0.7%.
Data showed the Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation metric, rose 0.1% on a monthly basis in June and 2.5% annually, both as expected, while personal income was lower than expected. Bets of a 25-basis-point cut by the Fed’s September meeting held steady at around 88% after the data, according to CME’s FedWatch. Traders still largely expect two rate cuts by December, according to LSEG data.
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