| US stocks closed at a record high on Wednesday after data showed inflation eased in April, boosting market confidence of aThe consumer price index rose 0.3 per cent last month after advancing 0.4 per cent in February and March, and the annual rate fell to 3.4 per cent from 3.5 per cent in March.Bloomberg
“Fighting inflation and lowering costs is my top economic priority,” Mr Biden said. “I know many families are struggling, and that even though we’ve made progress we have a lot more to do.”The benchmark S&P 500 and the Nasdaq notched record closes, with both advancing more than 1 per cent, as investors seized on the sign that interest rates could begin to fall this year rather than stay higher for longer.
Citi’s Veronica Clark said the latest inflation reading could be a turning point for the Federal Reserve. The latest readings on Wednesday might help boost that confidence, despite core inflation which the Fed pays most attention to, remaining well above the central bank’s 2 per cent target. Fitch Ratings chief economist Brian Coulton also warned that the price pressures were still too much for the Fed to act sooner.
Oxford Economics chief US economist Ryan Sweet said the lower inflation reading was not enough to bring forward a rate cut.
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