Fed rate futures point to a 40% December hike as higher CPI data highlights inflation challenges.
Chinese stocks fell as deflationary pressures persisted amid flat consumer and factory-gate prices in September.
Declines for Chinese stocks were particularly large after data earlier in the day showed China’s consumer prices were flat in September, while factory-gate prices shrank at slower pace, indicating deflationary pressures persist. Ryan Brandham, head of global capital markets, North America at Validus Risk Management, said the CPI data highlights the challenges the Fed will face bringing inflation down to its 2% target.
The inflation report along with poor demand for an auction of US 30-year bonds sent Treasury yields higher on Thursday. “Much of the ‘good’ work done in the past week in the form of bull flattening of the US yield curve has been undone by the latest US CPI report,” said Ray Attrill, head of FX strategy at National Australia Bank.
The risk-off mood also prevailed in the currency market, with the dollar holding on to overnight gains. Against a basket of currencies, the dollar was at 106.47, having gained 0.8% overnight.
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