Markets Steady as Investors Focus on Fed's Inflation Gauge
TL;DR Summary
Treasury yields fell as the personal consumption expenditures price index, a key inflation measure, met expectations, with the 10-year yield dropping to 4.27%. The data suggests no immediate change in the Federal Reserve's monetary policy, with a gradual approach to rate cuts anticipated. Initial jobless claims also fell, indicating a tight labor market. Traders are largely expecting a rate cut in December, while President-elect Trump's Treasury secretary pick, Scott Bessent, is seen as a stabilizing choice for markets.
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