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Market Update: Wall Street Lacks Direction after Fresh Data
US stocks gave up most of the early gains to trade around the flatline on Tuesday as investors digest fresh economic data while inflation worries continue to persist. House prices continued to soar in April, rising at multi-year high rates and new home sales fell more than expected due to rising costs. Early in the week, Lael Brainard, Raphael Bostic and James Bullard reiterated that price increases should be only temporary and affirmed their support to keep monetary policy accommodative for some time. Meanwhile, fresh PCE inflation due Friday will be closely watched. [/s2If]
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