Stock Market Today: Stocks Wobble Ahead of Fed's Next Rate Decision

Tuesday's scorching producer price index (PPI) reading might have cemented an aggressive Fed policy response at tomorrow's FOMC meeting close.

blue stock market chart with down arrows
(Image credit: Getty Images)

Another hot reading of inflation kept the bulls pinned to the ground Tuesday. All eyes now are on tomorrow's conclusion of the Federal Reserve's latest policy meeting, where America's central bank is expected to raise its benchmark interest rate once more.

The Bureau of Labor Statistics reported this morning that U.S. producer prices rocketed 10.8% year-over-year (and 0.8% month-over-month) in May, driven in large part by high energy prices. That was a higher MoM rate than April's revised 0.4%, and roughly around economist expectations.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.