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The consumer price index rose 3.7% for the year through August, slightly higher than the 3.6% expected. For the core number, the annualized 4.3% met expectations but a 0.3% gain from July was also slightly higher than forecasts.
Investors were looking to the inflation report as the Federal Reserve heads into its meeting next week armed with mixed data on the economy and labor markets. Earlier inflation readings had come in cooler than expected, bolstering the case for the Fed to come to the end of its interest rate increases.
Expectations are still high that the Fed won’t lift rates again next week, but the view on whether it will lift rates again before the end of the year is cloudier. Fed officials have signaled a willingness to pause to assess how well their actions thus far have worked to cool inflation. But they also have signaled they are determined to get the number back to their 2% target and that their work is not yet done.
Here are three things that could affect markets tomorrow:
1. More inflation data
The producer price index is due out at 8:30 ET (12:30 GMT). Analysts expect a yearly gain of 1.2% and a monthly rise of 0.4%. On a core PPI basis, analysts expect an annual rise of 2.2% and a monthly rise of 0.2%. Retail sales are also due out, with expectations for a rise of 0.2% from the prior month.
2. Adobe earnings
Adobe Systems Incorporated (NASDAQ:ADBE) is expected to report earnings per share of $3.97 on revenue of $4.87 billion.
3. Lennar reports
Home builder Lennar Corporation (NYSE:LEN) is expected to report earnings per share of $3.51 on revenue of $8.49 billion.
