Wall St rallies, dollar drops after cooler US inflation; Fed in the wings

NEW YORK, June 12 - U.S. stocks rallied and the dollar sank as cooler-than-expected inflation data fueled rate cut optimism, hours before the end of the U.S. Federal Reserve's monetary policy meeting.

Cardillo expressed doubt that the report will alter the Fed's rate decision expected later in the session, but added that"it's obviously a comforting number".The cooler-than-expected inflation print comes as welcome news as members of the Federal Open Markets Committee approach the end of their June meeting.

At last glance, financial markets are pricing in a 62.0% likelihood of a 25 basis point rate cut in September, up from 46.8% on Tuesday, according to CME's FedWatch tool.

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