Reported 7 months ago
US stocks reached fresh highs as the S&P 500 and Nasdaq set new records following lower-than-expected inflation data and the Federal Reserve projecting just one rate cut this year instead of three. The Dow Jones slipped, while the CPI for May remained flat over the previous month and core inflation cooled, leading to increased confidence in the progress of inflation. Fed Chair Jerome Powell noted the Fed's cautious approach to rate cuts, welcoming the CPI data as indicating positive future readings needed for confidence in inflation's advancement.
Source: YAHOO