November 10th 2022
Stocks headed toward their best day in years Thursday on Wall Street after a report showed inflation in the United States slowed last month by even more than expected.
A U.S. government report showing that inflation slowed in October for a fourth straight month since hitting a peak of 9.1% in June. The reading of 7.7% was better than the 8% economists were expecting. Perhaps more importantly, inflation also slowed more than expected.
Following Thursday's inflation report, traders increasingly shifted into bets for the Fed to raise rates by only 0.50 percentage points next month, instead of a bigger hike.
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