*WALL STREET CLIMBS AS SIGNS OF COOLING INFLATION EASE RATE HIKE BETS - 🇺🇸 🇺🇸
© Reuters. Traders work on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly - Wall Street's main indexes rose more than 1% on Wednesday after data showing a slower-than-expected rise in inflation in July prompted traders to cut their bets on a third straight 75-basis-point interest rate hike in September.
U.S. consumer prices did not rise in July compared with June, marking the slowest monthly inflation in more than two years, as fuel prices dropped. The market is now pricing in a 37.5% chance of a 75-basis-point increase in fund rates at the U.S. Federal Reserve's next meeting in September, compared with 67.5% before the data.sectors advanced in early trading, with consumer discretionary, information technology and communication services gaining between 1.7% and 2.6%.
"The sign of slowing in the rate of inflation offers hope the Fed's rate increases won't need to go as far as previously thought," said Mike Owens, global sales trader at Saxo Markets.
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