Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected, clearing the path for rate cuts.
Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected.
The data should keep the Federal Reserve on track to cut its main interest rate at its next meeting in September, a move that Wall Street has long been looking forward to. The Fed has been keeping rates at an economy-crunching level in hopes of stifling inflation that topped 9 per cent two years ago, and lower rates would ease the pressure on both the economy and on prices for investments.
If most of the data over the next few weeks points to a slowing economy, he said the Fed may cut more aggressively. That includes a report coming up Thursday about how much US shoppers spent at retailers. The two-year yield, which more closely tracks expectations for the Fed, rose to 3.96 per cent from 3.94 per cent late Tuesday, as traders weigh whether September’s anticipated cut will be the traditional or jumbo-sized move.
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