FOMC Meeting Looms Large as US Inflation Refuses to Budge

The Federal Open Market Committee (FOMC) meeting scheduled for September 16 is at the forefront of investors' minds as US inflation continues to trend higher than expected.

New York stocks have managed to hold their ground despite rising Treasury yields, thanks in part to strong corporate earnings and growing investment in artificial intelligence-related technologies.

The consumer price index (CPI) rose 3.4% in August from a year earlier, matching market forecasts but still leaving a significant gap from the Fed's 2% inflation target.