S&P 500 reclaims 4,000 following the release of a soft US inflation report – by christianborjon SP500 Nasdaq DowJones UnitedStates Inflation
Softer than expected, US CPI data augmented speculations that the Fed will be less aggressive.remained volatile after the release of inflation data in the United States and remain positive off the day's highs, with the S&P 500, the Nasdaq 100, and the Dow Joines Industrial Average, each gaining 0.98%, 1.33%, and 0.47%. At the time of writing, the S&P 500 sits around 4,026.90.
Money market futures seem to indicate an upcoming rise in the Federal Funds rate, making it peak at 5%. Eurodollar futures portrayed traders speculating that the Federal Reserve would make its first rate cut of around 20 bps by September 2023. Meanwhile,appeared volatile as it fell to six-month lows near 103.586, although recovering shortly afterward and now resting comfortably at 103.987.
Analysts at TD Securities said, “the November CPI report does not affect the expectation of a 50bp rate increase at tomorrow’s FOMC meeting. Additionally, given the strength in core services inflation, it is clear the Fed will need to remain in a tightening mode beyond the December meeting. We will be looking for any Fed communication tomorrow regarding a further downshift in the hiking pace for the February meeting.
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