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☆ Jim Cramer calls out this simple strategy to help weather earnings and Fed market volatility
▼ + stars: | 2024-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Stay patient: Jim Cramer on Tuesday expressed concern that if investors try to act amid this market volatility, they're going to end up being wrong, which is why we're staying patient. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jerome Powell, Danaher, Wells Fargo, Morgan Stanley, Wynn, Estee Lauder, Ming Chi Kuo, we're, Jim, Jim Cramer's Organizations: CNBC, Federal, Nvidia, Microsoft, Apple, Ford, General Motors, Costco, Constellation Brands, Diageo, Jim Cramer's Charitable Locations: Amazon

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ The labor market needs the first US rate cut to happen in March, Goldman says
▼ + stars: | 2024-01-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Federal Reserve should cut interest rates in March because of downside risks in the labor market, according to Goldman Sachs. "There are some modest downside risks to inflation and the labor market that could still provide additional reasons for the FOMC to cut sooner rather than later." AdvertisementThe Federal Reserve should cut interest rates in March because there are downside risks to the labor market, according to Goldman Sachs economist David Mericle. Former Fed President Esther George noted just how quickly the labor market can sour, even when all indicators look positive. "The labor market is such a tricky one.

Persons: Goldman Sachs, Goldman, David Mericle, Mericle, Powell, Esther George, George Organizations: Fed, Former, Wall Street

☆ S&P 500 futures are little changed as investors parse latest earnings reports: Live updates
▼ + stars: | 2024-01-29 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

S&P 500 futures are near flat Monday night as investors analyzed the latest corporate earnings with the Federal Reserve policy meeting on the horizon. These moves follow a winning day on Wall Street that brought the Dow and S&P 500 to their sixth record closes of the year. Monday marked the start of a busy week for corporate earnings, with 19% of companies in the S&P 500 set to report. Of the nearly one-quarter of S&P 500 members that have already reported, about 72% exceeded Wall Street expectations, according to FactSet. Elsewhere on Tuesday, investors will follow Microsoft and Alphabet , two of the mega-cap technology names set to report earnings this week.

Persons: Keith Buchanan, We've Organizations: New York Stock Exchange, Federal Reserve, Nasdaq, Dow Jones Industrial, Whirlpool, Dow, Globalt Investments, U.S . Treasury Department, Federal, Microsoft, Apple, General Motors, UPS, Starbucks Locations: New York City, U.S

☆ The average US homebuyer has gained $40,000 in buying power in the last 3 months as mortgage rates cool
▼ + stars: | 2024-01-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Homebuyers have gained more purchasing power as mortgage rates have edged lower. That's due to a steady decline in mortgage rates, with the 30-year fixed rate hovering around 6.7%. That's thanks to the recent decline in mortgage rates, which has taken the cost of borrowing on a 30-year fixed mortgage to around 6.7%, Freddie Mac data shows. With rates hovering around 6.7%, that means the typical homebuyer will pay $2,545 on their monthly mortgage payment – down from the median monthly payment of $2,713 when mortgage rates hovered around 7.8%. Prospective buyers shouldn't try to time interest rates before entering the housing market, Redfin chief economist Daryl Fairweather said.

Persons: Homebuyers, Redfin, —, Freddie Mac, shouldn't, Daryl Fairweather, Fairweather Organizations: Service, Fed

☆ Dollar steady in cautious start to busy data, Fed week
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on December 15, 2023. The dollar started the week on a steady footing as investors took stock of U.S. economic data ahead of the Federal Reserve policy meeting this week, while escalating geopolitical tensions in the Middle East kept risk sentiment in check. But since then, strong economic data and pushback from central bankers have prompted traders to adjust expectations. Beyond the Fed, investors will also watch for a slew of economic data including a U.S. payrolls report that will help gauge the strength of labor market. Elsewhere, the Australian dollar rose 0.21% to $0.659, while the New Zealand dollar gained 0.18% to$0.610.

Persons: Marc Chandler, Chandler, Jerome Powell, Paul Mackel, Sterling, Joe Biden, bitcoin Organizations: Federal Reserve, Fed, Federal, HSBC, Bank of England, U.S, New Zealand Locations: Buenos Aires, Argentina, U.S, Bannockburn, Jordan, Syrian, Iran, Israel

Mortgage rates ticked up a bit mid-week, but they're back down today. This means it's possible we'll have to wait until later in the year for mortgage rates to come down substantially. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-year Fixed Mortgage RatesThis week, average 15-year mortgage rates were 5.96%, a 20-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, they've, it's Organizations: Federal Reserve, Economic, Fed, Zillow Locations: Chevron

☆ Wall Street is barreling toward a big week ahead with megacap earnings, Fed meeting in focus
▼ + stars: | 2024-01-26 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Wall Street is headed into the thick of earnings season, with results on deck from the bulk of the so-called Magnificent Seven names. On top of that, the Federal Reserve's latest monetary policy decision and the January jobs report will be in focus. Federal Reserve meeting Investors aren't anticipating much out of the Fed meeting next week. Market participants say recent reports show the trends have been going in the right direction, and Friday's report is expected to confirm the softening in the jobs market. Other significant earnings in the week ahead include Boeing , a major Dow component.

Persons: Russell, we've, Shannon Saccocia, Jonathan Krinsky, Tesla, that'll, Hogan, you've, John Bailer, Jerome Powell, Tony Welch, Welch, FactSet Organizations: Microsoft, Nvidia, Dow Jones Industrial, Nasdaq, Dow, JPMorgan, Riley Securities, Newton Investment Management, Fed, PCE, Boeing, Alaska Airlines, Dallas, Whirlpool, Petroleum, United Parcel Service, General Motors, Pfizer, Devices, ADP, ECI Civilian Workers, Chicago PMI, Mastercard, Qualcomm, Labor, PMI, Manufacturing, Apple, Chevron, Exxon Mobil Locations: Thursday's, nonfarm payrolls, Chicago, Royal Caribbean, Michigan

☆ Dollar treads water ahead of U.S. GDP; ECB meeting in spotlight
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +4 min

Traders have been consolidating positions ahead of the Federal Reserve's policy meeting next week. The report is, however, likely to show that the U.S. avoided a recession in 2023 and is expected to show moderating inflation in the last quarter, stoking expectations of rate cuts sometime in the first half of 2024. Other U.S. data this week includes the Fed's favourite gauge of inflation - the personal consumption expenditure (PCE) data - on Friday. The move from the central bank comes after a Bloomberg report earlier this week of a rescue package worth $278 billion to help stabilise the battered stock markets. The Australian dollar and the New Zealand dollar struggled to sustain a China-inspired rally earlier this week.

Persons: Kieran Williams, Jerome Powell, Kazuo Ueda Organizations: Central Bank, Traders, U.S, Asia FX, InTouch, ECB, Wednesday, Bloomberg, Australian, New Zealand, Aussie, Bank of, Bank of Japan Locations: Asia, U.S, China

☆ Extreme greed is back on Wall Street
▼ + stars: | 2024-01-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

That’s all heralded the return of extreme greed to Wall Street. The S&P 500 is up 2.6% and the Dow is 0.6% higher. The S&P 500 and Nasdaq are both on pace to score their sixth-straight winning sessions. CNN’s Fear and Greed Index, which tracks seven indicators of market sentiment in the United States, tipped into “Extreme Greed” this week, marking a stunning turnaround from just a few months ago, when the index was in Extreme Fear territory. The idea of a soft landing (when inflation rates ease and the economy avoids recession) is likely playing a big part.

Persons: we’re, ”, Lydia Boussour, “, Christopher Waller, Bill Gates, Henry Allen, Allen Organizations: New, New York CNN, Dow Jones, Nasdaq, Dow, Gross, Commerce Department, Consumer, Federal, National Association for Business Economics, Fed, ” Financial, Microsoft, Meta, Nvidia, Investment, Deutsche Bank, Big Tech Locations: New York, United States

☆ Premarket stocks: why over-optimistic investors may want to pump the brakes
▼ + stars: | 2024-01-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

There’s plenty for investors to celebrate right now, but a look under the hood reveals quite a bit of decay. But it’s largely Big Tech that’s driving markets higher, and that concentration of gains in so few stocks carries inherent risk. But investors are adjusting expectations: Investors eventually get used to strong data, and come to expect it. “It’s hard for data to keep surprising in the same direction, since investors simply adjust their expectations,” said Allen. Just one month ago, more than 75% of investors thought the central bank would cut rates at their March meeting.

Persons: Bell, Debbie Downer, Wall, Dow, Germany’s DAX, Henry Allen, ”, Allen, Christopher Waller, That’s, Bill Gates, Larry Fink, Chris Isidore, “ I’m, Scott Kirby, they’ve, ” Kirby, Boeing Max, Max, Kirby, “ We’re, Samantha Delouya, Amy Reinhard, Netflix’s, “, we’ve Organizations: CNN Business, Bell, New York CNN, Nvidia, Microsoft, Investment, Deutsche Bank, Big Tech, Federal Reserve, University of, National Association of Business Economics, University of Michigan, Fed, ” Financial, BlackRock, Boeing United Airlines, Boeing, United, CNBC, Alaska Airlines, Federal Aviation Administration, United Airlines, Refinitiv, Max, FAA, Netflix Locations: New York, Europe

After dropping substantially toward the end of 2023, mortgage rates are expected to go down further in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.60% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.76% last week, according to Freddie Mac data, which is an 11-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: they've, Freddie Mac Organizations: Fed, Zillow, Federal Reserve Locations: Chevron

☆ The S&P 500 tops a record high that ‘clears the charts’ of resistance ahead of a week of earnings, inflation data
▼ + stars: | 2024-01-19 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

The S & P 500 rallied more than 1% on Friday, above both its closing and intraday records that it last reached in January 2022. "Meaning that when a major index like the S & P 500, like the Nasdaq 100, reaches a new all time high, what it does is, it clears the charts of resistance." For 2024, Wald anticipates the S & P 500 will end the year at the 5,400 level, representing a roughly 12% rise from Friday's close of 4,839.81. Inflation data, earnings ahead Next week will also bring the Fed's preferred inflation gauge for December, which is expected to confirm the recent trend of easing inflation. Leading Indicators Tuesday Jan. 23 10 a.m. Richmond Fed Index (January) Earnings: General Electric , Synchrony Financial , D.R.

Persons: it's, Katie Stockton, we've, Oppenheimer's Ari Wald, Wald, Dow Jones, That's, Dave Sekera, Sekera, Jan, Johnson, Lockheed Martin, Lockheed Martin Wednesday Jan, Kimberly, Clark, Northrop Organizations: Fed, Nasdaq, Morningstar Research Services, Richmond Fed, Synchrony, Raytheon Technologies, Verizon Communications, Halliburton, Johnson, Procter, Gamble, Lockheed, Lockheed Martin Wednesday, PMI, SA, PMI Manufacturing SA, PMI Services SA, Abbott Laboratories, Chicago, New, . Kansas City Fed Manufacturing, Northrop Grumman, Southwest Airlines, American Airlines, Comcast, PCE, Norfolk, American, CNBC Locations: Stockton, U.S, Horton, Freeport, McMoRan, . Kansas

☆ The Fed has to start cutting rates to avoid tipping the economy over, and 8 cuts are coming in the next 2 years, Bank of America chief Brian Moynihan says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The Fed will slash interest rates eight times over the next two years, Bank of America predicted. Officials will want to avoid "tipping the economy over" with its policy, BofA CEO Brian Moynihan said. AdvertisementThe Federal Reserve could end up slashing interest rates eight times over the next two years to prop up the US economy, according to Bank of America CEO Brian Moynihan. That implies 200 basis-points of rate cuts to come over the next few years, taking the Fed's benchmark rate down to the 3.25%-3.5% range. The Fed has hit pause at its recent meetings following an aggressive year-and-a-half of interest rate hikes.

Persons: Brian Moynihan, —, Moynihan Organizations: Bank of America, The New, Fed, Service, Bloomberg, Economic, New York Fed

The expectation of lower mortgage rates and higher demand means this year's homebuying season is shaping up to be a busy one. Though mortgage rates are expected to go down in 2024, there's no guarantee of when exactly they'll start to drop. Currently, average 30-year mortgage rates are down from their fall 2023 peak and have generally been hovering below 6.5% this month. Mortgage rates don't directly follow the Fed's benchmark rate, but investor expectations of how Fed moves could impact the broader economy can push mortgage rates up or down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: there's, Christopher Waller, Waller, they'll, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Brookings Institution, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Stock futures are little changed after Dow posts third-straight losing day: Live updates
▼ + stars: | 2024-01-17 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock Exchange on Oct. 20, 2023. U.S. stock futures were little changed Wednesday night after the Dow Jones Industrial Average notched a third-straight losing day. S&P 500 futures and Nasdaq 100 futures dipped 0.04% and 0.09%, respectively. Wall Street is coming off a losing session for the major averages, as Treasury yields rose. "If you look at the fourth quarter, so much of that performance was chasing, right, and chasing and chasing," Toomey continued.

Persons: Dow, Chris Toomey, Morgan Stanley, Toomey, Raphael Bostic Organizations: New York Stock Exchange, Dow Jones, Dow, Nasdaq, Discover, LSEG, Treasury, Investors, Federal Reserve, Atlanta Fed

☆ Why it could be a 'lose-lose' situation for Wall Street when the Fed finally does cut rates
▼ + stars: | 2024-01-17 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Wall Street's outlook on Fed rate cuts is setting the stage for a "lose-lose situation," says Deutsche Bank macroeconomic strategist Henry Allen. Indeed, the last four times we've seen rate cuts that fast, it's been because of the most recent four U.S. recessions," he wrote. To be sure, rapid rate cuts without a preceding recession isn't an impossible scenario, but that doesn't mean it's likely either, Allen noted. Paul Volcker's chairmanship of the Fed in the 1980s, for example, saw steep rate cuts, although that followed a period of extremely restrictive monetary policy. "[It's] hard to see how both rate markets and risk markets can both continue to thrive as they have recently," Stanley said.

Persons: Henry Allen, Allen, Paul Volcker's, Allen isn't, Stephen Stanley, Stanley, Stocks, Deutsche Bank's Allen Organizations: Deutsche Bank, Markets, Federal, Traders, Santander U.S, Deutsche Locations: U.S, Vietnam

☆ Gold extends slide as dollar firms on hawkish Fedspeak
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices extended losses on Wednesday as the U.S. dollar strengthened after hawkish comments from a Federal Reserve official dampened expectations for a March interest rate cut, while traders awaited comments from more Fed speakers this week. Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since Dec. 4, 2023. Flow of funds to the U.S. dollar have been a key driver impacting the gold price, said Michael Langford, chief investment officer at Scorpion Minerals Ltd, forecasting bullion to trade around $2,000/Oz in the near term. With geopolitical tensions escalating, safe-haven flows could provide a floor for the gold price. However, "the short-term fate of the gold price is likely in the hands of the bond market," Tim Waterer, chief market analyst at KCM Trade, wrote in a note.

Persons: Michael Langford, Christopher Waller, Tim Waterer Organizations: U.S ., Federal Reserve, Scorpion Minerals Ltd, Treasury, KCM, U.S Locations: U.S

☆ Dollar advances as traders weigh rate cut expectations, eyes on data
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +4 min

Traders are back projecting cuts of 160 bps this year, up from expectations of 140 bps last week. Chris Weston, head of research at Pepperstone, said the risk is that Waller could push back on market pricing for a March cut and show a lack of urgency to normalize policy. "That said, should he even remotely validate market pricing, then we should see U.S. 2-year bond yields fall further. Markets are pricing around 120 bps of rate cuts by the Bank of England in 2024, with the first one most likely in May. Elsewhere, the Australian dollar fell 0.43% to $0.6632, while the New Zealand dollar fell 0.39% to $0.6176.

Persons: Hamish Pepper, Christopher Waller, Waller, Chris Weston, Weston, Bank's Joachim Nagel Organizations: U.S, Federal, Bank of Japan, Fed, Traders, Asset Management, Treasury, Bank of England, New Zealand Locations: Tokyo, Japan, U.S

☆ Dollar wobbles; yuan on guard ahead of China data dump
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +3 min

The dollar ebbed on Monday on renewed expectations of a rate cut by the Federal Reserve in March, while the Chinese yuan struggled near a one-month low ahead of a slew of economic data this week. The offshore yuan languished near a one-month low of 7.1925 per dollar hit on Friday, and was last at 7.1861 per dollar. "I think more PBOC (People's Bank of China) easing is coming this year," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "I don't think (Monday's move) will materially weigh on the (yuan) because a rate cut is more or less priced in. The Australian dollar , often used as a liquid proxy for the yuan, edged 0.07% higher to $0.6690.

Persons: China's, Sterling, Chris Weston, Carol Kong, Party's Lai Ching, te, Goldman Sachs Organizations: Federal Reserve, Traders, U.S, Treasury, CPI, PPI, Bank of, People's Bank of China, Commonwealth Bank of Australia, Australian, New Zealand, Democratic, Taiwan Locations: Asia, U.S, Bank of Japan, China, Taiwan

After dropping substantially toward the end of 2023, experts believe that mortgage rates will go down further in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.87% last week, according to Freddie Mac data, which is a two-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: there's, Freddie Mac Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

Despite the latest Consumer Price Index data coming in a bit hot according to Thursday's report, mortgage rates have been holding steady this week. Average 30-year mortgage rates remained in a tight 6.3%-to-6.45% range, only up a little bit from the previous week. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: We'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Dividend stocks could see a revival in 2024
▼ + stars: | 2024-01-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Dividend stocks fell out of favor in 2023, even as all three major US indexes overcame regional banking turmoil, high interest rates and geopolitical tensions to notch double-digit returns. As interest rates rose to a 22-year high, investors favored bonds at attractive yields over riskier stocks offering smaller payouts. Some traders believe that dividend stocks could make a comeback this year. Larry Adam, chief investment officer at Raymond James, favors dividend stocks in sectors like tech and healthcare for their growth qualities, over traditionally defensive categories like utilities. His firm only invests in dividend stocks that have that growth component, he says.

Persons: ”, Morgan Stanley, Larry Adam, Raymond James, Adam, Elisabeth Buchwald, John Cochrane, Anna Bahney, Freddie Mac, who’ve, Sam Khater, Freddie Mac’s, Read Organizations: CNN Business, Bell, New York CNN, Mastercard, Companies, Hoover Institute, “ Locations: New York

☆ US wholesale inflation closes out 2023 with 1% annual rate in December
▼ + stars: | 2024-01-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

US producer prices fell in December for the third consecutive month, bringing a closely watched gauge of inflation to a rate more in line with pre-pandemic times. Wholesale inflation as measured by the Producer Price Index rose 1% annually in December, up slightly from November’s revised 0.8% reading, according to data released Friday by the Bureau of Labor Statistics. On Thursday, the December Consumer Price Index, which is the most widely used measure of retail inflation, showed prices rose annually by 3.4%. “Producers are not facing costs that need to be pushed through to consumers in order to maintain their bottom lines that would reignite inflation,” Rankin said. The US central bank has become increasingly data dependent in its campaign to bring down inflation.

Persons: Price, we’ve, Kurt Rankin, Rankin, “ there’s, Eugenio Aleman, Raymond James ’, ” Rankin, “, —, ” Organizations: New, New York CNN, Bureau of Labor Statistics, PPI, PNC Financial Services, CNN, “, PNC Locations: New York, United States

☆ Gold slides on brewing concerns of U.S. rate cuts still far off
▼ + stars: | 2024-01-11 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Spot gold was down 0.1% at $2,024.99 per ounce, after rising as much as 0.8% before the data. The dollar index extended gains after data showed U.S. consumer prices rose more than expected in December, which could delay a much anticipated U.S. rate cut in March. Traders see a 67% probability of a rate cut in March, according to the CME FedWatch tool, compared with about a 71% chance seen before the report. Higher rates dim the appeal of gold, which pays no interest.

Persons: Gold, hawkish, Loretta Mester, Tom Barkin, Phillip Streible, Streible, Tai Wong, Silver Organizations: Aurum, Federal Reserve, Cleveland Fed, Richmond Fed, Blue, Traders Locations: Chicago, New York

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