The S&P 500 and Nasdaq rose to fresh one-year highs on Tuesday after data showed consumer prices rose modestly in May, cementing bets that the Federal Reserve could skip raising interest rates at the end of its policy meeting on Wednesday.
rose 0.1% last month compared with a 0.4% jump in April, with core inflation remaining unchanged at 0.4%, according to the U.S. Labor Department report.
On a year-on-year basis, headline inflation increased by a lower-than-estimated 4.0%, reflecting declines in the cost of energy products and services, including gasoline and electricity. "Today's fall in the rate of inflation is likely to be welcomed by investors, but it remains stubbornly above the Fed's 2% target," said Richard Flynn, managing director of Charles Schwab UK.
"The good news is that the 'stickiness' in inflation is now confined to a smaller number of categories compared to earlier in the year." Following the data, traders fully priced in that the U.S. central bank will hold interest rates at the 5%-5.25% range on Wednesday, while expecting a 60% chance of a 25-basis-point hike in July, according to the
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