Stocks Flat Ahead of Fed Meeting
Investors had a lot to digest last week while Fed officials remain in their quiet period ahead of the September FOMC meeting this week. New economic data showed the initial impact of rising oil prices on the economy. Consumer inflation data that includes energy prices rose, as did underlying producer prices. The University of Michigan’s preliminary September Consumer Sentiment Survey fell, as it can be highly correlated to gasoline prices. Consumers don’t like rising gas prices. The higher inflation data also pushed up bond yields.