This morning we were looking toward the release of the Consumer Price Index or the cpi data from July to gauge how higher interest rates are affecting the 40-year high inflation. The Official headline reads “Consumer price index for July rose 8.5% year over year and was flat compared to June.
Economists expected the number to rise by 8.7% since last year but it was slightly LESS quoting 8.5%. After the lighter-than-expected inflation news, Dow futures jumped 411 points or 1.3%, s&P 500 jumped 1.7% and Nasdaq was up by 2.4%.
This light relief plays on the hope that we may have seen a peak in inflation with slower economic demand will affect the FEDs rate increase going into September. We are still in Earnings season with Disney reporting their quarry results after market close today.
Let me know what you think in the comments below.
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