Markets Wrap
Stocks End Month at New Highs After Inflation Data: Markets Wrap
- Fed’s preferred inflation metric matches economist estimates
- NYCB takes $2.4 billion hit, flags weakness and replaces CEO
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Wall Street traders fearing another disappointing inflation report got a degree of relief after the Federal Reserve’s favored price gauge was on spot with estimates.
Stocks closed at all-time highs as the personal consumption expenditures index added to bets the Fed will be able to cut rates as early as June. While the PCE remained above the central bank’s 2% target — validating officials’ wait-and-see approach — the data helped allay concerns about a more significant inflation increase.