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Market Update: Wall Street Lacks Direction
US stocks were little changed on Friday as investors continue to digest growth prospects, fresh US CPI figures and the impact it will have on the Fed’s monetary policy. After fresh data showed US inflation surged to 2008-highs of 5%, traders grew optimistic that inflationary pressures would be transitory, in line with the Fed’s stance, raising bets the central bank would not taper early than next year. However, such euphoria faded on Friday and in the absence of further catalysts, all eyes will be on the FOMC meeting next week with changes to QE only expected in August or September and a rate hike not seen before 2023. [/s2If]
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