HomeFinancial MarketsFutures Rise Following Key Inflation Data

Futures Rise Following Key Inflation Data

Futures edged higher on Friday as investors absorbed the latest round of positive inflation data. The Federal Reserve’s preferred inflation gauge indicated further signs of cooling inflation.

The S&P 500 gained 0.8% during the morning session, while the Dow Jones Industrial Average added 0.6%. The tech-heavy Nasdaq Composite index leads the charge, surging by more than 1%.

According to the inflation gauge, prices rose by 3.8% in May compared to the previous year, down from a year-over-year rise of 4.4% in April. This data comes after an upward revision of first-quarter GDP in the U.S. thereby beating Wall Street expectations.

Core prices 4.6% in May from the previous year, the inflation measure indicated, down from the previous increase of 4.7% in April. This is the fifth straight month that the core measure was either 4.6% or 4.7%.

Overall, such results indicate that the Federal Reserve’s tight monetary policy, consisting of 10 rate hikes over the past 15 months, has not been entirely effective at limiting price rises.

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