After a 3.3% gain in energy prices, the Consumer Price Index rose 0.4% month-over-month in February, above the forecast of 0.3%. The core rate, which strips out food and energy, was up 0.2%, topping the forecast of 0.1%. Year-over-year, core inflation rose from 1.7% to 1.8%. The headline rate increased from 0.0% to 0.2% year-over-year.
The Federal Open Market Committee concluded its two-day meeting today and kept the fed funds target at a range of 0.00-0.25%. The committee anticipates that economic conditions are likely to warrant exceptionally low levels of the fed funds rate for an extended period. Details from Bloomberg...
The Dow Jones Industrial Average rose 91 points (1.2%) to close at 7,487, the S&P 500 Index gained 16 points (2.1%) to 794, and the Nasdaq Composite increased 29 points (2.0%) to 1,491. Crude oil fell $1.02 to $48.14 per barrel, and gold rose $30.20 to $945.60 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
