Morning Bid: New stock records as storm passes and CPI due
With U.S. stocks at new records and devastating Hurricane Milton now weakening as it passes over Florida, the shifting U.S. interest rate horizon is back in focus with September's key inflation update due on Thursday.
Minutes of that meeting late Wednesday showed a"substantial majority" of officials supported a half-point rate cut to start the easing cycle, but there appeared to be agreement the first move would not commit the Fed to any particular pace thereafter."Two more cuts this year, or one more cut this year, really spans the range of what is likely in my mind," San Francisco Fed boss Mary Daly said overnight.
That spins attention into today's critical consumer price report, where headline annual CPI inflation is expected to ease to 2.3% - its lowest in more than three years - but with 'core' inflation stickier around 3.2%. With the third-quarter U.S. earnings season about to unfold with the big banks reporting on Friday, there was little in the Fed rethink that seemed to hold U.S stocks back and theEmboldened by the higher interest rate horizon alongside much reduced fears of recession, banks and financial stocks led the latest leg higher and corporate credit spreads tightened.
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