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Profit from the Pros By Kevin Matras Executive Vice President
Stocks End Lower Ahead Of Today's CPI Inflation Report
Stocks closed lower yesterday on profit taking and position squaring ahead of this morning's Consumer Price Index (CPI) inflation report.
With inflation running at 41-year highs, everybody will be watching to see if inflation has finally peaked or if it's still climbing.
After the previous week's FOMC Announcement when the Fed raised rates by 75 basis points, there has been a growing belief that the Fed might slow their pace of hikes down, essentially saying they will refrain from forecasting how big they'll go at their next meeting in September, and saying they'll look at the data at that time and make the decision then.
The CPI inflation report is a part of the data they'll use to make that decision. Although, today won't be the last CPI report before the Fed's next 2-day FOMC meeting on September 20-21. We'll get one more CPI report before then on Sept. 13. (Not to mention two more Producer Price Index (PPI) inflation reports on Aug. 11 and Sept. 14.)
In addition to today's CPI report, we'll also get the Atlanta Fed Business Inflation Expectations, MBA Mortgage Applications, and Wholesale Inventories.
We'll also get more earnings with another 302 companies reporting today (1,083 total between today and the rest of the week).
After last Friday's Employment report, expectations for the Fed hiking interest rates by 75 basis points at their next meeting jumped from 34% to nearly 70%.
We will see what today's CPI report does to those expectations.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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