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Gold extends gains as Treasury yields rally comes to a halt
  + stars: | 2023-08-23 | by ( ) www.cnbc.com   time to read: +2 min
At the precious metals dealer Pro Aurum, two gold and two silver bars are placed in a locker in a vault. Spot gold firmed 0.3% to $1,902.63 per ounce by 0519 GMT, drifting further away from the five-month lows hit last week. The dollar index was below the two-month highs, while a rally that took U.S. Treasury yields to nearly 16-year highs took a pause, giving some respite to the non-yielding gold. "If he does hint about a higher target, that could mean interest rates may not need to move any higher from here." Recent robust U.S. economic data has raised bets the Fed will keep rates higher for longer, reducing appetite for gold as reflected in holdings of bullion-backed exchange traded funds, or ETF.
Persons: Jackson, Jerome Powell's, Harshal Barot, Thomas Barkin Organizations: Pro Aurum, Treasury, Federal, Metals, Richmond Fed, Trust Locations: U.S, Wyoming
Dollar hovers near two-month high, yen near 146 per dollar
  + stars: | 2023-08-23 | by ( ) www.cnbc.com   time to read: +3 min
Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The U.S. dollar perched near a two-month peak on Wednesday as investors looked to the Federal Reserve chair's speech this week for cues on the path of monetary policy, while the yen loitered near 146 a dollar, keeping traders guessing on any intervention. The dollar index , which measures the U.S. currency against six rivals, was at 103.55, not far from the two-month high of 103.71 it touched on Tuesday. In cryptocurrencies, bitcoin last rose 0.77% to $26,049, having touched two-month low of $25,350 overnight.
Persons: Christopher Wong, Jerome Powell's, Wong, Thomas Barkin, Saira Malik, Atsushi Takeuchi, Fumio, Takeuchi, bitcoin Organizations: U.S, The U.S, Federal Reserve, Richmond Fed, Nuveen, Bank of, New Zealand Locations: Tokyo, Japan, The, , Wyoming, OCBC, Singapore, U.S, tenterhooks
That includes a possibility "that inflation stays high and the economy strengthens," Barkin said. Barkin said there was nothing in the recent market movements which caused him to think financial conditions were tightening too quickly or in ways that were concerning. "It doesn't strike me that having a 10-year rate over 4 (percent) is somehow wildly inappropriate," given the Fed's current policy rate, Barkin said. Rates seem to be increasing "as best I can tell with the strength of the economic data ... If consumer spending and retail sales continue to be that strong ... it's probably appropriate."
Persons: Thomas Barkin, Barkin, it's, Howard Schneider, Paul Simao Organizations: Federal, U.S, Richmond Fed, Reuters, Thomson Locations: DANVILLE, Virginia, .
Morning Bid: World markets bounce at last
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +4 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The onshore yuan steadied amid supportive action by China's state banks in the swaps market, and Chinese stocks (.CSI300) perked up from the year's lows. Overall, MSCI's all-country index (.MIWD00000PUS) was on course on Tuesday for its first back-to-back daily gains of August so far. There were background concerns about the impact on U.S. banks of this latest hit to bond prices and borrowing rates. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Xi Jinping, MSCI's, Jackson, Jerome Powell's, Moody's, Thomas Barkin, Austan Goolsbee, Michelle Bowman, Cyril Ramaphosa, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, Nasdaq, P, Activision, Ubisoft Entertainment, Microsoft, Richmond Fed, Philadelphia Fed, Richmond Federal, Chicago Fed, China's, Reuters Graphics, Thomson, Reuters Locations: New York City, U.S, Wyoming, Jackson, China, South Africa, Asia, Johannesburg, Pretoria
Existing home sales see slowest July pace since 2010
  + stars: | 2023-08-22 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExisting home sales see slowest July pace since 2010CNBC's Diana Olick and Rick Santelli report on existing home sales and news from Richmond Federal Reserve.
Persons: Diana Olick, Rick Santelli Organizations: Richmond Federal Reserve
At 5:47 am ET, the yield on the 10-year Treasury was down by over 3 basis points to 4.31%. U.S. Treasury yields were mixed on Tuesday as investors fretted over what could be ahead for interest rates and awaited the latest economic data. Investors weighed the outlook for interest rates as they awaited remarks from Federal Reserve officials and fresh economic data. Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee and Fed Governor Michelle Bowman are among those set to speak on Tuesday. Investors are hoping that the comments from policymakers and latest data will provide clues about what to expect from the economy and what this could mean for interest rates.
Persons: Tom Barkin, Austan Goolsbee, Michelle Bowman, Jerome Powell Organizations: Treasury, U.S, Investors, Federal Reserve, Richmond Fed, Chicago Fed Locations: Jackson
Traders work on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. U.S. stock futures were flat Monday night as the Nasdaq Composite and the S&P 500 snapped a four-day negative streak, in what has been a losing month for all the major averages. S&P 500 and Nasdaq 100 futures both ticked down 0.1%. The S&P 500 added close to 0.7%. "We're seeing a positive return in the stock market, [which] we didn't see last week.
Persons: Katy Kaminski, CNBC's, Megan Horneman, Horneman, Jerome Powell's, Jackson Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Treasury, Tech, Verdence Capital Advisors, Consumer, Philadelphia, Richmond Locations: New York City
The week ahead will "revolve around three things," Infrastructure Capital Management CEO Jay Hatfield remarked on the week ahead. "Nvidia's earnings, Nvidia's earnings and, to a lesser degree, Jackson Hole." Nvidia earnings Many investors expect Nvidia will beat expectations for the second quarter when it reports results next Wednesday . More commentary from Jackson Hole If Nvidia is the key microeconomic event next week, Jackson Hole will dominate macroeconomic discussion. Powell delivers his address at the annual central bank forum hosted by the Kansas City Fed next Friday morning.
Persons: Jerome Powell, Jay Hatfield, Jackson, Management's Yung, Yu Ma, Hans Mosesmann, Hatfield, Powell, Ross Mayfield, Ray Farris, Fed Governor Bowman, Michael Bloom Organizations: Federal, Infrastructure Capital Management, Dow, Nasdaq, Treasury, Fitch, Federal Reserve, BMO, Nvidia, Rosenblatt Securities, Infrastructure Capital Management's, Kansas City Fed, Fed, Infrastructure Capital, Credit Suisse, Richmond Fed, Federal Reserve Bank of Chicago, PMI, New, Body, Devices, Autodesk, Chicago, . Kansas City Fed Manufacturing, Intuit, Ulta Locations: , Wyoming, China, Infrastructure Capital Management's Hatfield, Powell, . Kansas, Michigan
Since CPI inflation tends to be faster than the PCE measures that the Fed uses to set its inflation target, that means one important area of policymaker focus may have dipped below target already. But the pace of increase pales against the double-digit gains in 2021, and the inflation rate for rental housing has also slowed. A recent study by San Francisco Fed economists, using real-time housing and rent data from companies like Zillow, projected "a sharp turnaround in shelter inflation" through late next year. Two versions of the San Francisco estimates show shelter inflation hitting 0% next year, well below the 3%-to-4% range that Meyer said could help the Fed traverse its last inflation mile more quickly. Other aspects of the economy may also be snapping into place, a possible late-arriving validation of the Fed's initial expectation that rising inflation in 2021 would prove "transitory."
Persons: Brent Meyer, Meyer, Quincy Krosby, they've, Christopher Waller, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Reuters Graphics Reuters, Atlanta Fed's, Fed, CPI, San Francisco Fed, LPL, Richmond Fed, Reuters, Thomson Locations: U.S, San Francisco
The Consumer Price Index rose at a 3.2% annual rate in July, which was a slight increase over June's 3% reading. Typically, that would be associated with a jump in unemployment as businesses and consumers scale back. Yet the unemployment rate has remained below 4% -- low for the U.S. -- since February 2022, and stood at 3.5% as of last month. Others feel the economy remains slow to adjust to higher interest rates, and that the unemployment rate will ultimately rise before the Fed finishes its inflation fight. The current Fed "has been uniquely successful thus far in lowering inflation while leaving the unemployment rate at its lowest levels in roughly half a century," they wrote, with the potential that policy tightening so far "may bring about further declines in inflation without a dramatic rise in the unemployment rate.
Persons: Bryan Woolston, Pierre, Daniel Sarte, Paul Ashworth, Ashworth, Mary Daly, Howard Schneider, Andrea Ricci, Christina Fincher, Jonathan Oatis Organizations: Kentucky, Center, REUTERS, Bryan Woolston WASHINGTON, . Federal Reserve, Richmond Fed, Reuters Graphics Reuters, Fed, Graphics, North, Capital Economics, Traders, San Francisco Fed, Yahoo Finance, U.S, Thomson Locations: Frankfort , Kentucky, U.S, North America
Morning Bid: Germany to kick off CPI mega-run
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +3 min
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 1, 2023. Still, investors' focal point for the week is the U.S. consumer price index amid recent goldilocks data and remarks from Fed Chair Jerome Powell that's given strength to the economic soft-landing narrative. Fed officials continue to emerge from their silence this week after hiking rates another 25 basis points at their last meeting. Investors betting the Fed has reached the end of rate increases will have another chance to gauge their theory when Philadelphia Fed President Harker and Richmond Fed President Barkin speak on Tuesday. Their remarks will be top of investor watchlists after mixed messages about the future rate path from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.
Persons: Brigid Riley Germany, Jerome Powell that's, Harker, Barkin, John Williams, Michelle Bowman, Fed's Harker, Brigid Riley, Christopher Cushing Organizations: REUTERS, Staff, Federal Reserve, Central Bank's, Philadelphia Fed, Richmond Fed, New York Fed, Bank of Japan, CPI, Hungary CPI, Bayer, InterContinental Hotels, Thomson Locations: Frankfurt, Germany, China, United States, U.S, Richmond, New, Asia, Hungary
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.
Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru
“It’s really relative to just pricing against bond yields”, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. Eight of the eleven main S&P 500 sectors declined, with more interest rates sensitive Utilities(.SPLRCU) and Real Estate (.SPLRCR) leading losses, dropping 2.3% and 1.4% respectively. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Second-quarter earnings for companies in the S&P 500 are now expected to fall 5% from a year earlier, according to Refinitiv data. The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 58 new highs and 88 new lows.
Persons: “ It’s, Tom Hainlin, , Thomas Barkin, Brendan McDermid, Echo Wang, Shubham Batra, Bansari, Anil D'Silva, David Gregorio Our Organizations: PayPal, Qualcomm, Dow, Nasdaq, Treasury, U.S, Bank Wealth Management, Labor Department, Investors, Richmond Federal, Dow Jones, Traders, New York Stock Exchange, REUTERS, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: Minneapolis, U.S, New York City, New York, Bengaluru
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Earnings are also in focus, with Apple (AAPL.O) and Amazon.com (AMZN.O) due to report quarterly results after market close. Declining issues outnumbered advancers for a 2.08-to-1 ratio on the NYSE and a 1.28-to-1 ratio on the Nasdaq. The S&P index recorded nine new 52-week highs and four new lows, while the Nasdaq recorded 37 new highs and 63 new lows. Reporting by Shubham Batra and Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Quincy Krosby, Thomas Barkin, advancers, Shubham Batra, Bansari, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Moderna, PayPal, Qualcomm, Dow, Nasdaq, LPL, Richmond Federal, Dow Jones, Apple, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: New York City, U.S, Richmond, Bengaluru
A man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File photo(Reuters) - U.S. inflation remains too high, although recent readings showing price pressures have eased notably were welcome, Richmond Federal Reserve President Thomas Barkin said on Thursday. “Certainly, last month’s inflation read was a good one and I hope it is a sign,” Barkin said in remarks prepared for a speech in Virginia. The Fed’s preferred measure of inflation - the Personal Consumption Expenditures price index - was up 3% year-over-year in June, down from 7% a year earlier. Barkin’s prepared remarks focused largely on whether a recession is imminent.
Persons: Sarah Silbiger, Thomas Barkin, ” Barkin, Barkin, Barkin’s Organizations: Washington , D.C, REUTERS, Richmond Federal, Fed Locations: Mount Pleasant, Washington ,, Virginia, U.S
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Fitch's action hit the appetite for risky assets on Wednesday, dragging Wall Street sharply lower as investors took the opportunity to book profits on five months of gains. Earnings are also in focus as Apple and Amazon.com (AMZN.O) are due to report quarterly results after market close. Qualcomm (QCOM.O) tumbled 8.4% in trading before the bell as the San Diego, California-based company's fourth-quarter sales forecast fell below market expectations. Meanwhile, Moderna(MRNA.O) gained 3.3% as the company raised its annual forecast for COVID-19 vaccine sales to up to $8 billion.
Persons: Brendan McDermid, Karen Reichgott Fishman, Goldman Sachs, Thomas Barkin, Peers, Shubham Batra, Bansari, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Moderna, PayPal, Qualcomm, Dow, Nasdaq, Apple, Microsoft, Richmond Federal, Dow e, Peers Nvidia, Intel, PayPal Holdings, Thomson Locations: New York City, U.S, San Diego , California, Bengaluru
"So why not be in a situation where you're just much more ready in case you...need to access this discount window?" An analysis of Fed data by Reuters, though, shows a lot still needs to be done to meet that goal. All told, about 3,800 banks borrowed from the discount window during the 11-year period detailed in the central bank data. The biggest banks also stepped up to borrow so as to reduce discount window stigma. Minneapolis Fed President Neel Kashkari said small banks should think of the discount window as a backup.
Persons: Brittany Hosea, Jerome Powell, I’ve, Lorie Logan, Banks, Goldman Sachs, Huberto Ennis, Michelle Bowman, Brad Tidwell, SVB, Austan Goolsbee, Richmond Fed's Ennis, Neel Kashkari, Ann Saphir, Michael S, Andrea Ricci Organizations: Bank, REUTERS, Federal Reserve, Reuters, Dallas, U.S, Fed, Reuters Graphics Reuters, Richmond Fed, National Credit Union Association, Chicago Fed, Federal Home Loan Bank, Minneapolis, Home Loan Bank, Thomson Locations: Santa Clara , California, U.S, Silicon, Washington, While California, Texas, Logan's, New Mexico, Louisiana, Henderson , Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Richmond Fed President Lacker: Real Fed funds rate isn't sufficient for 2% inflationJeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins 'Squawk on the Street' to discuss measuring monetary policy with the real federal funds, the transitory impact of housing disinflation, and a pullback in bank lending due to the Fed rate hikes.
Persons: Lacker, Jeffrey Lacker Organizations: Former Richmond Fed, Real, Federal Reserve Bank of Richmond
The Fed had a similar predicament in 2006After raising interest rates 17 consecutive times between June 2004 and June 2006, Fed officials became concerned that they could inadvertently damage the economy if they continued to hike rates. When the Fed met again in September, many officials expressed concerns that raising interest rates after a short, six-week pause would broadcast the wrong message. Lacker continued to be the sole Fed official who favored raising interest rates until his term expired at the end of the year. “It’s pretty easy to believe that the Fed will find that it didn’t raise rates enough and so choose to raise rates somewhat further before stopping and, later on, reducing rates,” he said. Fed officials then opted for a pause in the fall of 1994 and raised rates further in the winter.
Persons: Ben Bernanke, Bernanke, , ” Michael Moskow, , Cathy Minehan, Jeffrey Lacker, Lacker, Jerome Powell, Liu Jie, Athanasios Orphanides, Austan Goolsbee, William English Organizations: New, New York CNN, Federal, Traders, Fed, Committee, Washington , D.C, Bloomberg, Getty, Chicago Fed, Boston Fed, Richmond Fed, Massachusetts Institute of Technology, European Central Bank, Food Forum, Yale University Locations: New York, Washington ,, Xinhua, Chicago
Morning Bid: Big Tech litmus test as Fed gather
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +4 min
The wider blue-chip CSI 300 Index (.CSI300) snapped a six-day losing streak to pop 3% and buying from state banks propped the yuan. Both oil and Treasury yields gave back some of those gains again today, however, with year-on-year crude price declines still tracking more than 21%. There was little ostensible reaction to the formal rebalancing of the Nasdaq 100 (.NDX) index that pared weightings of several of the big caps to reduce "over-concentration". The approach of Wednesday's Fed decision may limit market moves until then. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mike Dolan, sagged, Dow Jones bluechips, Alphabet's, Clark, Chubb, Paccar, Sherwin, Williams, Archer, Ed Osmond Organizations: Big Tech, Microsoft, Federal Reserve, European Central Bank, ebbing, Nasdaq, Google, Texas, NextEra Energy, Visa, GE, GM, Dow, Verizon, Universal Health, Daniels, Richmond Fed, Philadelphia Fed, Federal, Market, Monetary Fund, Treasury, Reuters, Thomson Locations: U.S, Hong, Europe, China, Danaher, Corning, Kimberly, Biogen, Dover, Nucor, Midland
While recent inflation data was encouraging, he said, "one data point does not make a trend." Reuters Graphics Reuters Graphics'STRANGE BUSINESS CYCLE'Until the Fed declares its inflation war at an end, however, economists and market analysts say risks to a benign outcome will remain. "At 3.5%, July won't be the last time the Fed hikes," Furman said in an interview. Ed Al-Hussainy, senior rates analyst at Columbia Threadneedle, meanwhile, is skeptical that the impact of rapid rate hikes has already been absorbed. "To say we have the same economy with real rates at negative 2% as we do at positive 2%, I don't buy it."
Persons: Jerome Powell, Christopher Waller, Waller, Thomas Barkin, Nick Bunker, Jason Furman, Obama, Furman, Ed Al, Columbia Threadneedle, Raphael Bostic, Austan Goolsbee, shouldn't, Goolsbee, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Reuters Graphics, Richmond Fed, Reuters Graphics Reuters, Fed, Harvard University, White, Columbia, Atlanta Fed, Chicago Fed, CNBC, Thomson Locations: U.S
While recent inflation data was encouraging, he said, "one data point does not make a trend." Reuters Graphics Reuters Graphics'STRANGE BUSINESS CYCLE'Until the Fed declares its inflation war at an end, however, economists and market analysts say risks to a benign outcome will remain. "At 3.5%, July won't be the last time the Fed hikes," Furman said in an interview. Ed Al-Hussainy, senior rates analyst at Columbia Threadneedle, meanwhile, is skeptical that the impact of rapid rate hikes has already been absorbed. "To say we have the same economy with real rates at negative 2% as we do at positive 2%, I don't buy it."
Persons: Jerome Powell, Christopher Waller, Waller, Thomas Barkin, Nick Bunker, Jason Furman, Obama, Furman, Ed Al, Columbia Threadneedle, Raphael Bostic, Austan Goolsbee, shouldn't, Goolsbee, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Reuters Graphics, Richmond Fed, Reuters Graphics Reuters, Fed, Harvard University, White, Columbia, Atlanta Fed, Chicago Fed, CNBC, Thomson Locations: U.S
That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.
Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland
The 2-year Treasury slid by 16 basis points to 4.736%. The 10-year Treasury yield fell by more than 12 basis points to 3.859%. Treasury yields dropped on Wednesday after the inflation report in June showed an easing in prices. On a monthly basis, the index, which measures a broad swath of prices for goods and services, rose 0.2%. Investors will also be following remarks from Fed speakers, including Richmond Fed President Tom Barkin and Minneapolis Fed President Neel Kashkari for fresh hints about the policy outlook on Thursday.
Persons: Dow Jones, Tom Barkin, Neel Kashkari Organizations: Treasury, Dow, Fed, Richmond Fed, Minneapolis Fed
Morning Bid: Dollar swoons in upbeat inflation vigil
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: +4 min
A look at the day ahead in U.S. and global markets from Mike DolanWorld markets leaned positively into another critical U.S. inflation report later on Wednesday, seeding a dollar (.DXY) slide to two-month lows that's revved-up yen and sterling gains. And June's CPI readout should be a marker if the consensus forecast for almost a full percentage-point drop in the headline inflation rate to two year lows of just 3.1% is borne out. Still, encouraged by a screed of other positive disinflation signals this week, U.S. markets are relatively buoyant going into the release and still feel the end of the Fed rate rise campaign is nigh. UK bank stocks pushed higher on the rates view and a relatively clean bill of health from Wednesday's financial stability report from the BOE. The Reserve Bank of New Zealand paused its long-running rate rise campaign early on Tuesday.
Persons: Mike Dolan, BOE, Thomas Barkin, Raphael Bostic, Neel Kashkari, Loretta Mester, Joe Biden, Nick Macfie Organizations: Federal Reserve, Fed, yearend, Treasury, Bank of Japan, Bank of, recoiling, Reserve Bank of New Zealand, Bank of Canada, Japan's Nikkei, Microsoft, Activision, Richmond Federal, Atlanta Fed, Minneapolis Fed, Cleveland Fed, NATO, . Treasury, Reuters, Reuters Graphics, Thomson Locations: U.S, Asia, Shanghai, Hong Kong, British, Vilnius
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