⚠️BREAKING: *U.S. STOCKS RALLY, BOND YIELDS PLUNGE AS INFLATION COOLS TO TWO-YEAR LOW IN JUNE 🇺🇸🇺🇸
- Wall Street rallied on Wednesday, led by gains in rate-sensitive megacap growth stocks after data showed inflation cooled further in June and boosted hopes that the Federal Reserve was nearing the end of its monetary tightening cycle.
The much awaited U.S. Labor Department report showed growth in core consumer prices, which excludes food and energy, eased to 4.8% from 5.3% in May on an annual basis. Economists had expected a 5% rise. An overwhelming majority of traders continue to expect the Fed to raise the benchmark rate to the range of 5.25%-5.5% later this month.
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