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Wall Street drops after hot US consumer prices data

Pelican Press

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Wall Street drops after hot US consumer prices data

Wall Street’s main stock indexes have tumbled after a stronger than anticipated inflation reading dampened hopes of the Federal Reserve kicking off its monetary easing cycle in June.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.4 per cent on a monthly basis in March, compared with the 0.3 per cent increase expected by economists polled by Reuters.

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