Stocks surge, dollar drops as US inflation cools

NEW YORK - Stocks surged while the dollar dropped as US inflation slowed more than expected, opening the way for the Federal Reserve to reduce the tempo of interest rate hikes.

The bigger-than-expected drop should come as a relief to monetary policymakers after wholesale inflation proved hotter than expected last week. Lower inflation and interest rates are positive for businesses, and stock prices in Europe surged after the US inflation data was released.

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