US futures muted as markets digest in-line inflation, rate cut bets
Investing.com-- U.S. stock index futures moved little in evening deals on Sunday, after an in-line reading on key inflation data saw Wall Street shoot up on hopes that the Federal Reserve will still cut interest rates this year.The PCE reading showed some mild cooling in inflation, although it still remained well above the Fed’s 2% annual inflation target.
Still, the reading, coupled with other recent indicators of a cooling U.S. economy, spurred some bets that the central bank will begin cutting interest rates in September. Traders were seen pricing in a roughly 47% chance for a 25 basis point cut in September, along with a roughly 45% chance that the Fed will hold, according to thedata for May, due later this week, which is set to offer more cues on the labor market- another key consideration for the Fed in cutting interest rates.Several Fed officials had warned in recent weeks that sticky inflation gave the bank little confidence to begin cutting interest rates.
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