The inflation reading"caught the market off guard," LPL Financial's Quincy Krosby told CNBC."The market had been expecting at least that we had leveled off — perhaps not moving downward but certainly not climbing higher. It was the wrong direction and the concern, of course, is always translated into what does this mean for the Fed."
President Joe Biden, asked during a press pool Tuesday if he was worried about the inflation numbers, replied,"No, I'm not, because we're talking about one tenth of 1 percent." "The stock market doesn't necessarily reflect the state of the economy, as you well know," Biden also said. "And the economy is still strong. Unemployment is low. Jobs are up. Manufacturing is good... I think we're going to be fine."
The mortgage market index and data on mortgage applications is due Wednesday, as well as crude oil and gasoline stocks data and the core monthly and year-on-year producer price index for August.
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