Today's Business Headlines: 12/18/24
Mentally fatigued Biden skipped call from concerned pol before disastrous Afghanistan pullout: report
The Fed’s hawkish shift has put the Nasdaq on track to fall for the first time in five weeks, with the S&P 500 on pace for its worst week in nearly six.A Commerce Department report showed the Personal Consumption Expenditure index, the Fed’s preferred inflation measure, rose 2.4% in November on an annual basis, below estimates of 2.5%, as per economists polled by Reuters.
After the data, traders raised their rate cut bets for 2025, now expecting a rate cut first in March and then again by October. Before the data, there was about 50% chance of a second rate cut by December 2025.“Before that Fed meeting, inflation wasn’t as much of a concern and then the Fed told us that we don’t think we’ve won that battle yet,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments.
FedEx jumped 3% after announcing the much-anticipated spinoff of its freight trucking division, as it restructures operations to focus on its core delivery business.
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