Wall Street closes higher as inflation data supports Fed bets

Published by
Reuters

By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew (Reuters) – U.S. stock indexes rose on Wednesday after data showed that while U.S. inflation was at its highest in decades, it largely met economists’ expectations, easing some fears that the Federal Reserve would have to pull back support even more forcibly than already expected. Data from the Labor Department showed the consumer price index (CPI) increased 0.5% last month after rising 0.8% in November, while in the 12 months through December, the CPI surged 7.0% to its highest year-on-year rise in nearly four decades. Economists poll…

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