Stocks barely move as inflation remains above the Fed’s target

U.S. stocks finished little changed Wednesday after new data showed the Federal Reserve’s preferred inflation measure held at 3.7% last month, slightly above economists’ expectations and well above the Fed’s 2% goal. Treasury yields edged higher, with the 10-year yield rising to 4.65%.

The S&P 500 fell less than 0.1% to 7,675.70, while the Dow Jones industrial average dropped 0.2% and the Nasdaq composite slipped 0.1%. Consumer spending growth slowed, and the economy’s spring growth estimate remained at a 1.5% annual pace.

Investors continued to expect a strong chance of at least one Federal Reserve rate increase by year’s end. Oil prices also remained volatile, with Brent crude settling at $86.94 a barrel, down 0.4% from Tuesday.

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