Wall Street jumps after 3-day slump, Fed meeting eyed
Still, the data for the 12 months through February matched expectations predicting a 10% increase in producer prices, while the producer price index for final demand on a monthly basis increased 0.8%, just shy of the 0.9% estimate and lower than the 1.2% increase registered in January.
The market is now fully pricing in a rate hike of at least 25 basis points when the central bank makes its policy statement on Wednesday. Investors will also be closely watching the Fed's projections for the path of rate hikes this year and in coming years to rein in inflation. IRPR Fed Chairman Jerome Powell has recently floated multiple rate hikes this year as the Fed seeks to curb inflation.
"The fact is was weaker than the expectation so therefore the idea that Jay Powell is right going 25 basis points seems to be the way the market feels today, that could change tomorrow," said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida. "The market is in a very oversold position, there are still going to be bumpy roads ahead but today could just be one of those snap-back rallies like we saw last week."
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