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US CPI Falls
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Koushik Korampalli
May 19, 2024
Written by
Koushik Korampalli
Est read: 0 minutes
US CPI inflation fell to 3.4% in April
This was a slight drop from 3.5% in March
The number hit as economists predicted and not higher which was seen as ‘a relief’
Inflation has been rising since the start of 2024
Core CPI hit 3.6% in April
Core CPI does not account for volatile food and energy prices
Rising housing and fuel costs were the 2 biggest causes of the inflation.
Stocks closed at record high following this announcement
Traders saw the inflation announcement as a sign of potential rate cuts
The S&P 500 closed 1.2% higher
Nasdaq closed 1.4% higher
Oil and gold also rose, and bond yields fell.
Interest rates have been at a 20 year high
The Fed had hoped to bring rate cuts down this year, but inflation kept stubborn
However, this rate announcement may be a ray of hope
“…even though we’ve made progress, we have a lot more to do” - President Biden
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