US Inflation Data Bolsters Bets for Fed Rate Steadiness, Oil Prices Edge Higher

Global equities rose on Wednesday after data showed mild inflation in the US, bolstering bets that the Federal Reserve will hold interest rates steady. Oil prices edged higher despite lower demand forecasts.

The US Consumer Price Index increased by 0.1% in July, matching expectations and weakening the argument for an interest rate hike from the Fed next month. Money markets showed a roughly 50% chance of a hike before the data release.

Robert Pavlik, senior portfolio manager at Dakota Wealth Management, said the data 'relieves some of the concerns that the Fed is being pushed toward a rate hike due to inflation.'

The S&P 500 rose 0.26% to $7,748.50 and the Nasdaq Composite gained 0.54% to $26,588.49.