As S&P 500 rises to a record Wednesday, Thursday morning's CPI inflation report will give the market a big test.
Federal Reserve policymakers have been breathing easier lately regarding inflation, and that faith that they're closer to achieving their goal will get a key test Thursday. The Labor Department will release its latest reading on the closely watched consumer price index, and its' expected to show further progress toward the Fed's 2% target in September. Specifically, the Labor Department's reading is expected to show an annual inflation rate of 2.2% and a monthly gain of just 0.
However, following a much better than expected jobs report for September, Fed officials in recent days have indicated a likely more measured approach to cuts ahead. Details in Thursday's report will matter: Housing inflation has proven to be stubborn, though policymakers still expect lower rent renewals to feed into the data the months progress.
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