Markets are looking to wrap up a brutal month, which saw the S&P 500 and Nasdaq indexes slip into correction territory.
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeon Friday. The core personal consumption expenditures price index, the Fed's key inflation measure, was 0.3% higher for the month, which was in line with the Dow Jones estimate. Even though prices picked up, personal spending continued, rising 0.
A correction is when an index falls more than 10% from its most recent closing high. It's called a correction because historically the drop often"corrects" and returns prices to their longer-term trend., a busy earnings season to multiple inflation readings. A reading on personal consumption expenditures on Friday served as the latest evidence that American consumer spending remained healthy.
"As we forecast the rate of economic growth to slow and inflation to moderate, this allows the Fed to move to increasingly more accommodative language in early 2024 to prepare the market in advance for when they decide to begin cutting rates," Sekera wrote.
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