Asia-Pacific shares are set to open mixed, after the U.S. consumer price index showed inflation cooled for December.
Close marked the fifth straight day of gains for the Nasdaq as investors bought beat-up technology stocks on hopes of an improving outlook for growth names. That's the first time the index has posted a streak of that length since July.The slight decline in consumer prices in December will not change the path for the Federal Reserve, as it meets to raise rates Jan. 31 and Feb. 1.
"The Fed has made clear even as markets push back on the Goldilocks scenario in the employment report, the Fed was doubling down on their pledge to derail inflation because they see this as a marathon not a sprint," said Diane Swonk, chief economist KPMG."It was exactly in line. They ran up the S&P 500 by 50 points yesterday with everyone hoping for a weak number. It was as expected.
Shelter rose 0.8%, or 7.5% from a year ago. Some economists had expected a gain of 0.6% in shelter, which accounts for 40% of core CPI. The shelter costs in CPI are known to lag the actual market data on rentals. Tilley expects shelter inflation to slow in the next couple of months. As for overall CPI, it fell by 0.01% as expected.
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