The S&P 500 began a rally off its cyclical bottom 11 months ago, after the consumer-price index showed hotter-than-expected inflation. A similar move following Wednesday’s data is unlikely, according to Jonathan Krinsky, chief market technician at BTIG.
Data released Wednesday showed U.S. consumer price inflation rose 0.6% in August, the biggest monthly increase in 14 months, but in line with forecasts. The so-called core inflation, which excludes food and energy prices, rose 0.3% in August, a tick above Wall Street expectations.
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