Wall Street falls after red-hot inflation data

Published by
Reuters

By Amruta Khandekar and Bansari Mayur Kamdar (Reuters) – Wall Street’s main indexes fell on Wednesday after hotter-than-expected inflation data fueled bets that the U.S. Federal Reserve will hike interest rates aggressively to tame surging prices. The Labor Department’s report showed the Consumer Price Index (CPI), which tracks the prices that urban consumers spend on a basket of goods, rose in June on both a monthly and annual basis by 1.3% and 9.1%, respectively. Economists polled by Reuters had forecast the monthly CPI to increase by 1.1% and the annual figure by 8.8%. The so-called “core” …

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