At 12:18 p.m. ET, the Dow Jones Industrial Average was up 959.59 points, or 2.95 per cent, at 33,473.53, the S&P 500 was up 172.53 points, or 4.60 per cent, at 3,921.10, and the Nasdaq Composite was up 631.19 points, or 6.10 per cent, at 10,984.36.
Headline inflation came in at 7.7 per cent, the lowest since January, before Russia’s war in Ukraine pushed up commodity prices. More important for the Fed, the core measure that excludes food and energy slowed more anticipated. Fed officials appeared to back a downshift in rate hikes after a stretch of four jumbo-sized increases. They also stressed the need for policy to remain tight.
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