• last year
The latest inflation data is providing a boost to the current stock market rally, with the S&P 500 and Nasdaq hitting four straight record closes last week. Wall Street strategists are raising their year-end price targets for the S&P 500. The May Consumer Price Index and Producer Price Index showed significant progress towards the Fed's inflation goal. Economists believe this indicates a positive reading of the Fed's preferred inflation gauge. The Fed's latest Summary of Economic Projections showed a median forecast of just one rate cut in 2024. Still, strategists believe this may already be stale given the positive inflation data released after the Fed's meeting.
Transcript
00:00It's Benzinga and here's what's on the block.
00:02The latest inflation data is providing a boost to the current stock market rally with the
00:06S&P 500 and NASDAQ hitting four straight record closes last week.
00:11Wall Street strategists are raising their year-end price targets for the S&P 500.
00:16The May Consumer Price Index and Producer Price Index showed significant progress toward
00:20the Fed's inflation goal.
00:22Economists believe this points to a positive reading of the Fed's preferred inflation
00:26gauge.
00:27The Fed's latest summary of economic projections showed a median forecast of just one rate
00:31cut in 2024.
00:33But strategists believe this may already be stale given the positive inflation data released
00:37after the Fed's meeting.
00:38For all things money, visit Benzinga.com.

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