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White House announces South American trade deals to try to lower some food prices abcnews.go.comTrump Set to Cut Tariffs on Beef, Tomatoes as Prices Vex Voters Bloomberg.comGrocery anxiety nudges aside tariff policy, in win for consumers AxiosU.S. to Cut Tariffs on Bananas, Coffee and Other Goods From Four Countries The Wall Street Journal
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President Trump's trade deal with four countries in Latin America could lower prices for coffee, bananas and beef, which have been sore spots for a number of American companies.
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Asset manager famous for bet against US housing market says stock prices are unhinged from fundamentals
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President Trump's tariffs are adding to higher beef prices, along with drought and parasites in a stressed U.S. beef supply chain.
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The stock market's recent rally continued Monday, with the major market indexes closing today at their highest levels since late August.
The gains came ahead of tomorrow morning's release of the August consumer price index (CPI) - the last key piece of economic data for the Federal Reserve to consider ahead of its policy meeting next week. "The U.S. consumer price index, to be released on Tuesday, will likely show that August prices rose at an 8.1% pace over the year, compared to the July print at 8.5%," says Jon Maier, chief investment officer at Global X ETFs. "If this number comes to pass, it will show that inflation is slowing some, albeit from very high levels."
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However, even with better CPI numbers, the Federal Reserve is likely "to continue on its path for another 75 basis-point hike later this month," Maier adds. "The Fed is in a tough spot because employment reports suggest labor demand and employment growth have not slowed that much due to Fed actions thus far."
Investor sentiment was also boosted by reports of Ukraine's successful counteroffensive against Russian troops in the country's northeastern Kharkiv region. "The start of the trading week was supposed to be all about the August inflation report, but Kyiv's sudden momentum has many hoping that this moment is a turning point with the war against Russia," says Edward Moya, senior market strategist at currency data provider OANDA.
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By the close, the Nasdaq Composite was up 1.3% at 12,266, the S&P 500 Index gained 1.1% to 4,110, and the Dow Jones Industrial Average
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