Reported 7 months ago
US stocks reached fresh record highs after a milder-than-expected inflation report, with the S&P 500 and Nasdaq hitting new peaks and the Dow Jones slipping slightly. The Consumer Price Index remained stable month-over-month, but rose 3.3% year-over-year in May, outperforming expectations. The Federal Reserve announced it would maintain interest rates and projected only one cut this year, compared to the prior forecast of three. Fed Chair Jerome Powell noted 'modest' progress on inflation, welcoming the CPI data while emphasizing the Fed's careful approach towards rate cuts.
Source: YAHOO