NEW YORK — Stocks are churning slightly higher on Wall Street after a highly anticipated report showed inflation accelerated across the country last month, but not by much more than expected. The S&P 500 was up 0.2% in early trading Wednesday. The Dow was up 119, and the Nasdaq composite was up 0.2%. The report said U.S. consumers paid prices last month that were 3.7% higher than a year earlier, up from July’s inflation rate of 3.2%.
Fed policymakers remain concerned about inflation, even though it has fallen considerably from highs above 9%. The Fed's interest rate hiking campaign, which has raised borrowing rates to the highest level in 22 years, was supposed to cool the economy and job market. But the labor market remains tight and consumer spending fairly strong.
Stocks have been see-sawing in recent weeks amid the revived uncertainty about whether the Federal Reserve is done with its avalanche of hikes to interest rates. The central bank has raised rates 11 times in the since March of 2022, trying to get inflation back down to its target of 2%. “This scenario underscores the delicate balance between energy costs, inflationary pressures, and the central bank’s monetary policy actions, which can have profound implications for the broader economic landscape,” he said.
In Europe at midday, Germany's DAX shed 0.8%, the CAC 40 in Paris declined 0.7% and the FTSE 100 in London gained 0.4%.
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