November 13, 2024 – 7:37 AM PST
(Reuters) – Wall Street’s main indexes inched higher on Wednesday after in-line consumer price inflation data kept the U.S. Federal Reserve on track to deliver another interest rate cut in December.
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The consumer price index rose 0.2% in October for the fourth straight month, the Labor Department’s Bureau of Labor Statistics said, and advanced 2.6% on an annual basis. Excluding the volatile food and energy components, the CPI increased 0.3% in October.
The numbers were in line with economists’ forecasts. U.S. stock index futures had reversed early losses following the data.
“The market is already a little bit on edge about the inflationary possibilities for 2025 under a new administration,” said Ross Mayfield, investment strategist, Baird.
“The fact that (CPI) came in line ……
