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New inflation data set for release in the week ahead could help Wall Street regain its footing. The latest read on the consumer price index — an inflation gauge that measures what consumers pay for a many goods — is due out Thursday. The July producer price index — which gauges what wholesalers pay for raw goods — is slated for Friday. If the reports show inflationary pressures are trending toward the Federal Reserve’s 2% goal, the market could take it as a signal that the Fed is getting close to wrapping up its rate-hiking campaign that began last year. The June CPI and PPI reports, released mid-July, showed inflation easing. “If CPI continues to follow the PPI, which it’s been, then I would say that probably removes the case for any more Fed tightening,” said Jack Ablin, investment chief at Cresset Capital. “And I think that’s good news for stocks.” The major averages struggled this week after a Fitch dow …
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