Inflation Debate Hangs Over Stock Market’s Record Run

Some traders are sticking with wagers on stubbornly high inflation after Wednesday’s Federal Reserve meeting, underlining a divergence in expectations between segments of the bond market and the U.S. central bank.

The S&P 500 climbed to fresh records Wednesday and Thursday after Fed Chairman Jerome Powell’s press conference assured investors the central bank wouldn’t be overly aggressive with rate increases, even as it laid out plans to end bond purchases by June. Mr. Powell said that the central bank believes inflation will slow by the second or third quarter of next year, as businesses increase the production of goods and supply-chain snarls ease.

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