Wells Fargo & Co WFC shares are reversing higher Thursday afternoon, up by 4.68% to $42.39. Shares of several banks and financial services companies are trading higher as stocks rebound following weakness earlier in the session. September CPI data came in better-than-expected, which could negatively impact lending as it dims the outlook for a Fed policy pivot.
Inflation remains the central bank's top priority, according to the September meeting minutes released Wednesday by the Federal Open Market Committee. Continued hawkish Fed policy could drive an economic slowdown, which would negatively impact consumer spending.
What Happened Thursday Morning?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%.
On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...Read More
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