📢📢CPI and FOMC data release and impact on market u need to know ⚠️⚠️
🇺🇲UNITED STATES Consumer Price Index (CPI) report released yesterday indicated that the year-on-year inflation rate for May was 3.3%, a slight decrease from 3.4% in April. On a month-to-month basis, the CPI remained unchanged, showing no growth compared to the previous month.
In his speech following the release of the CPI data, Federal Reserve Chairman Jerome Powell reiterated the Fed's dedication to curbing inflation.
Despite the recent easing of inflation, Powell stated that further interest rate hikes are still a possibility. He emphasized that the Fed will closely monitor economic indicators to guide future monetary policy decisions. Powell acknowledged that while high interest rates have created challenges for some households and businesses, these measures are essential for ensuring long-term economic stability and sustainable growth.
After the CPI data was released, the market experienced a rise, but it began to decline before Powell's speech. Market sentiment remains pessimistic in the short term, suggesting that a strategy of short selling at low multiples might be advisable.
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