The consumer price index rose 2.4% on an annual basis, which was above the consensus expectation of 2.3%, indicating accelerating inflation pressures.
With the Fed looking to balance employment and inflation as its primary mandates, it now faces more of a challenge headed into its next meeting in November.
Market indexes like the Nasdaq Composite initially fell on the release of this hotter-than-expected inflation data, reflecting traders' reactions to the CPI news.
Megacap stocks that primarily drive movements of the Nasdaq are down after the release of today's inflation data, as reflected in their premarket performance.
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