In its last session, the stock market witnessed a mixed performance as it struggled for direction after a better-than-expected inflation report. CPI for July stood at 8.5%, which was slightly lower than the 8.7% expected by analysts. Moreover, the July producer price index showed a decline from June.
However, inflation is still at an elevated level. So, the Federal Reserve might not change its hawkish stance anytime soon. According to Victoria Fernandez, chief market strategist at Crossmark Global Investments, the Fed might not turn dovish as the stickier parts of inflation like wages and rent are still high.
