Markets surge on hopes Fed close to end of hiking cycle

By Agence France-Presse

Jul 14, 2023 12:06 am

Traders already had a spring in their step this week on signs that the bank's monetary tightening measures were kicking in, fanning speculation this month's expected hike could be the last of an elongated cycle.

And the mood brightened further on Wednesday when the Labor Department said the consumer price index came in at 3.0 percent in June, the lowest since March 2021 and sharply down from 4.0 percent in May. The Fed's target is 2 percent.

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