This is certainly not good news for Fed as inflation made it difficult to cut interest rates. AAA survey on Wednesday showed that the average price of regular gasoline jumped more than a penny to a new record high.
The average price of regular unleaded rose 1.2 cents to $3.343 a gallon from the $3.331 the day before, according to AAA’s Web site. This is a release that would further spook the market. Initially I saw a bit of a rising tendency in the Dow, but it fizzles off quite easily. Looks like my prediction of a narrow range with a downward biases at the end of the day still stands.