- Wednesday, October 16, 2024
Shares of industrial and transportation companies experienced a significant boost following the release of the latest inflation report, which indicated a decrease in price increases towards the Federal Reserve's target.
Drop in Inflation Rate Brings Encouragement
The annual rate of inflation has dropped to 3.2%, the closest it has been to the Fed's 2% target since the onset of current inflation trends in late 2021. However, one Fed official remains cautious about interpreting this data point as a major milestone. "We still have a long way to go before we reach our 2% PCE inflation target," noted Chicago Fed President Austan Goolsbee, referring to the personal consumption expenditure gauge that the Fed favors as its primary measure. Meanwhile, factory operators eagerly await the impending release of wholesale inflation data later this week, hoping it will further ease any existing pressure.
German Government Supports Siemens Energy
In a bid to help secure long-term sustainable-energy projects, the German government has granted wind-power equipment maker Siemens Energy an impressive $8.02 billion guarantee.
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