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NYSE senior market strategist on 'bad' inflation data and what it means for future Fed action
Inflation numbers hotter than expected
FOX Business’ Cheryl Casone reports on June’s Consumer Price Index released Wednesday, which revealed inflation now sits at a fresh 40-year high.
New York Stock Exchange Senior Market Strategist Michael Reinking argued on Wednesday that markets were "well-prepared" for the headline inflation number released earlier, but stressed the data was "bad."
Speaking with Fox News Digital, Reinking also noted what the latest inflation data, which sits at a fresh 40-year high, means for the next moves of the Federal Reserve as central bank officials try to tame soaring inflation.
On Wednesday morning, the Labor Department said that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Both figures were far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.