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Stock market news live updates: Stocks rise with all eyes on CPI report

Alexandra Semenova · Reporter
Wed, January 11, 2023 at 4:08 PM EST · 3 min read

U.S. stocks ascended Wednesday as Wall Street counted down to the release of key consumer price data that is projected to show inflation further easing.

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The drumroll is growing louder for December's Consumer Price Index (CPI) Thursday morning. Economists expect headline CPI rose 6.5% over the prior year last month, Bloomberg consensus estimates show. If realized, the reading would mark another glide lower from the 7.1% increase seen in November.

The report is likely to sway bets on whether the Federal Reserve will raise interest rates by 0.25% or 0.50% at the conclusion of its next meeting Feb. 1, while offering hints on how much higher rates are likely to go in subsequent meetings. ... The latest economic forecasts from the Fed's December gathering showed officials project their key overnight lending rate rising to 5.1% in 2023.

Several Federal Reserve officials, including San Francisco Fed President Mary Daly and Atlanta Federal Reserve President Raphael Bostic, have asserted this week that rates will likely go somewhere above 5%. And JPMorgan (JPM) CEO Jamie Dimon predicted in an interview with Fox Business Network aired Tuesday that rates could reach 6%.

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