Investing.com -- Stocks were falling heading into Thursday's close after the release of consumer price data for September showed inflation remains stickier than expected.
The headline CPI number was higher than expected, though core prices came in to match expectations. But that sent stocks lower and bond yields higher as investors settled into the Fed's message that rates would remain higher for longer. The Fed was largely expected to hold rates steady at its next meeting in November before the CPI data were published. Those expectations remain even after the numbers were revealed but futures traders are starting to see the probability of a Fed hike in December. That would fulfill a projection made at the last meeting in September that the central bank could raise rates again before starting to lower them.
Big bank earnings are likely to be the focus of the market tomorrow, with analysts and investors listening to what bank CEOs say about the health of the economy and the American consumer given the persistent inflation.) and others reporting before the opening bell. JPMorgan is expected to report earnings per share of $3.89 on revenue of $39.5 billion.reading for October is due out at 10:00 ET . Analysts expect 67.4, down from 68.1 at the prior reading.
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