Stocks Soared Yesterday, All Eyes On This Morning's CPI Inflation Report

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Stocks Soared Yesterday, All Eyes On This Morning's CPI Inflation Report

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Soared Yesterday, All Eyes On This Morning's CPI Inflation Report Image: Bigstock Stocks soared yesterday with all of the major indexes up by roughly 1.25% or more. Friday's higher than expected Producer Price Index (PPI) inflation report weighed on stocks last week. But for context, the y/y inflation rate, once again, was lower. The headline rate in November was 7.4%, which was lower than October's 8.0%, which was lower than September's 8.5%, which was also lower going all the way back to July's 9.7%. And the core rate in November of 6.2% was lower than October's 6.8%, which was lower than September's 7.2%. So inflation is clearly going in the right direction. A bit slower than hoped for. But it's trending in the right direction nonetheless. And yesterday's rally properly reflected that. The focus now shifts to today's Consumer Price Index (CPI) inflation report. And that will be the last bit of inflation data that the Fed will see before they begin their 2-day FOMC meeting which concludes on Wednesday. At the end of that meeting, they'll make their announcement on the size of their next rate hike. Today's CPI is expected to show the y/y headline rate at 7.3%, which would be lower than last month's 7.7%. And the core rate is expected to come in at 6.1%, which would be lower than last month's 6.3%. The CPI report comes out at 8:30 AM ET. We'll also get the NFIB Small Business Optimism Index. But the main event will be this morning's CPI report. Could be a busy day. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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