![]() The data come ahead of official Energy Information Administration data due later today. commercial inventories of crude oil increased by a huge 12.9 million barrels last week, according to a source citing the data. Oil futures fell in Asia, after the American Petroleum Institute reported that U.S. ![]() PPI indicating that prices are inching higher, markets are "concerned that if 'sticky' core inflation doesn't untangle at faster pace, the Fed may need another rate hike, after all," Krosby said. "After enjoying a rally underpinned by lower oil prices and Treasury yields edging lower, and bolstered by comments from Fed speakers that the Fed may be poised to complete its interest rate hiking campaign, financial markets may not be so certain that the Fed is unanimously wedded to the so-called 'pivot,'" said Quincy Krosby, chief global strategist for LPL Financial. Treasury yields traded in split directions overnight, as traders weighed the Fed's most likely trajectory in interest rates against concerns about war in the Middle East. On the other hand, an upside surprise could spur markets to reprice higher the probability that the FOMC will follow through on a projected 25bp rate increase, CBA added. A downside surprise to the CPI reading will likely back the case for the FOMC to have ended its tightening cycle, which would likely pull down U.S. "But they definitely can't claim victory." "The Fed can for sure claim progress on inflation," said Lara Rhame, chief U.S. "This has averaged 0.2% over the last three months and has offered strong encouragement to markets that the disinflation process is in full swing."įed Chair Jerome Powell stressed after the September decision to hold rates steady that officials would base their monetary policy on new data, with Thursday's CPI report providing figures for judging the effects of the central bank's inflation-fighting campaign. "Crucial for policymakers will be the core month-on-month data," Dutta said. CPI data due later today.Ī hot inflation report could prompt markets to reassess bets that the Federal Reserve is done hiking, Vantage's Jamie Dutta said. In Asia, stock benchmarks advanced the dollar fell Treasury yields steadied while oil futures fell and gold rose.Įuropean stock futures rose ahead of the closely watched U.S. ![]() EU long-term interest-rates statistics UK trade, monthly GDP estimates, index of production, index of services, NIESR Monthly GDP Tracker trading updates from Publicis, Givaudan, Vinci, easyJet, Dechra Pharmaceuticals, RS Group, Darktrace
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