Wall Street Gets Relief After Inflation Report: Markets Wrap
Stock futures rose and bonds trimmed losses after inflation figures that matched expectations reinforced speculation the Federal Reserve will be able to cut rates in the second quarter of 2024.
Equities were poised to extend their February gains after the Fed’s favored inflation gauge — the core personal consumption expenditures price index — rose 2.8% in January — in line with estimates. The report follows a recent jump in both the consumer and the producer price indexes, bringing a degree of relief to traders who had significantly dialed back their Fed bets.
Read: US Jan. Personal Spending Rose 0.2% M/m; Matching Est.
S&P 500 contracts rose 0.2%. Treasury two-year yields, which are more sensitive to imminent Fed moves, hovered near 4.66%. the dollar fluctuated.
Equities were poised to extend their February gains after the Fed’s favored inflation gauge — the core personal consumption expenditures price index — rose 2.8% in January — in line with estimates. The report follows a recent jump in both the consumer and the producer price indexes, bringing a degree of relief to traders who had significantly dialed back their Fed bets.
Read: US Jan. Personal Spending Rose 0.2% M/m; Matching Est.
S&P 500 contracts rose 0.2%. Treasury two-year yields, which are more sensitive to imminent Fed moves, hovered near 4.66%. the dollar fluctuated.
