STOCKS | CPI Data Matches Expectations as Fed Rate Futures Price One Hike

Art Hogan, chief market strategist at Riley Financial, said the latest CPI report resembled “A Tale of Two Cities,” arguing that while the data closely matched expectations, the overall trend still looked negative. According to Jin10, he said the report did not change the likely policy direction for the Federal Reserve’s next meeting. Hogan added that the broad consensus remained that the Fed would stay steady, and that federal funds rate futures were pricing in only one rate hike. He said these factors likely helped the market recover part of its earlier losses in morning trading today, after chip stocks and the broader technology sector faced notable profit-taking pressure.