10/10/2024 Evening Reports
US consumer prices jumped 0.2% in September, matching August’s rise, and pushing the annual inflation rate to 2.4%—the smallest increase since February 2021. But there’s a twist: inflation came in hotter than expected, shaking up predictions and cooling down hopes for aggressive Fed rate cuts. Economists were eyeing a modest 0.1% bump, but reality had other plans.
Markets felt the impact instantly, with stock futures, Treasury yields, and the dollar slipping after the data. Now, analysts warn the Fed will take a more cautious approach with interest rates, possibly slowing down any big cuts.
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Oil Gains as Traders Monitor Israeli Response to Iranian Attack
Oil prices have rebounded amid tensions in the Middle East and rising U.S. crude stockpiles. Brent crude surpassed $77, while West Texas Intermediate climbed above $74. Israeli officials have indicated that a potential military response to Iran will be “deadly and surprising,” causing unease in the market.
U.S. consumer prices came in slightly higher than expected, creating a cautious atmosphere regarding future interest rate cuts. Concerns about China’s economy are also prompting increased sales; the lack of new stimulus measures from Beijing has led to a widespread sell-off. Amid this uncertainty, volatility is rising, creating opportunities for investors looking to capitalize on oil trades. Meanwhile, U.S. crude stockpiles rose by 5.8 million barrels last week, marking the largest increase since April, which continues to influence trading strategies in the markets.
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