What is causing the rise in US stocks on Wednesday despite high inflation and the Federal Reserve’s unwavering sentiment?

Despite the August CPI report showing an annual inflation rate of 3.7%, higher than predicted at 3.6%, Wall Street experienced a slight increase during Wednesday’s midday session. The unexpected rise, along with core inflation exceeding expectations, did not have a significant impact on interest rates. The market perceives the increase as something the Fed will likely overlook. Therefore, expectations remain unchanged with a predicted hold on rates at the upcoming FOMC meeting next week. However, uncertainties still persist regarding the November decision. In contrast, Apple Inc. continued to trade negatively due to concerns about a potential iPhone ban in China and a lackluster reception of the Apple Event 2023.