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Wall Street drops as CPI data boosts December rate hike odds

CPI data is the last to be released before the Fed's Sept 19-20 policy meeting


Wall Street's three major indexes opened lower on Thursday, shying away from their record high closes, as an uptick in consumer prices inflation boosted the odds of another interest rate hike this year. A Labour Department report showed consumer price index (CPI) rose more than expected last month and the gain was the largest in seven months, lifting the year-on-year increase to 1.9 percent from 1.7 percent in July. Despite the uptick, both CPI and personal consumption expenditures, the Federal Reserve's preferred inflation measure, remain stuck below the central ...

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First Published: Thu, September 14 2017. 21:30 IST