Stocks soared Tuesday after subdued inflation data gave investors hope that the post-COVID era of soaring prices may be almost over. Consumers and businesses have struggled to cope with high inflation and the Federal Reserve’s now 20-month-long interest rate hiking campaign meant to tame it, but this new data may signal we’re nearing the end of the pain.
Inflation, as measured by the consumer price index, rose just 3.2% from a year ago in October, the Bureau of Labor Statistics reported Tuesday. That’s just a hair shy of Wall Street’s consensus expectations for 3.3%, but down sharply from September’s 3.7%.
