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Wall Street Rises on Lower Inflation
U.S. stock indices rose by the end of September thanks to easing inflation, as the core personal consumption expenditures price index increased annually by 3.0%, lower than the forecasted 3.4%. This led to a decrease in the likelihood of a 25 basis point interest rate hike in the October meeting to around 35%, down from 51% a day earlier. Despite oil prices fluctuating above $90, U.S. labor market data showed strength, with 90,000 jobs added in the private sector during September, reinforcing expectations of a less aggressive approach to monetary tightening by the Federal Reserve.
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