US stocks closed at a record high after data showed inflation had fallen slightly to 3.4 per cent in April, prompting traders to increase their bets on Federal Reserve’s interest rate cuts this year.
The consumer price index data released by the US labour department on Wednesday was in line with economists’ expectations. It compared with March’s rate of 3.5 per cent and ended a four-month streak in which inflation outstripped expectations.
It is something of a relief that for the first time this year, CPI did not come in higher than forecast,” said Eric Winograd, senior economist for fixed income at AllianceBernstein.
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