Core CPI Inflation Picked Up In August, But S&P 500 Futures Hang Tough

The consumer price index jumped, as expected, in August, as gas prices revved higher, pushing up the headline inflation rate for a second straight month. The slightly unpleasant surprise came from a bigger-than-expected rise in core CPI inflation, which excludes prices for energy and groceries. S&P 500 futures edged lower early Wednesday after the CPI report, with further Fed rate hikes still unlikely.

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CPI Inflation Report Hits And Misses

The consumer price index rose 0.6% on the…