Investors riding high on the postelection rally and are now dragged down to earth by interest rate concerns, their landing sure feels like a bumpy one.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribewas mostly because of hurricanes and labor strikes. Powell's slightly hawkish tone dampened market enthusiasm and lowered traders' expectations for a December rate cut.in October, reported the Bureau of Labor Statistics. Though that's higher than the 0.
Consumer and wholesale price increases in October, while coming in as expected, ticked up from the previous month, indicating that there are still pockets of heat in the economy. As Fed Chair Jerome Powell noted, the job of getting inflation to the central bank's"two percent longer-run goal" could be"on a sometimes-bumpy path." And just as disinflation doesn't travel in a straight line, neither does the trajectory of interest rates. Powell added that the Fed doesn't need to be"in a hurry to lower rates" because the of"the strength we are currently seeing in the economy.
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