Wall Street muted as investors digest inflation data, Treasury yields rise
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo
"Headline inflation was a little hot because of energy, but core prices remained subdued ... this number isn't great for the bulls but also doesn't give much reason to be bearish," said David Russell, global head of market strategy at TradeStation. U.S. benchmark 10-year yields rose to 4.6512% after falling for two straight days, putting real estate, consumer staples and utilities - often considered as bond proxies - amongst the worst hitTraders expect a stronger chance the Fed will end up delivering another interest-rate hike this year, and keep rates higher for longer next year.
Minutes of the Fed's Sept. 19-20 meeting showed a growing sense of uncertainty around the path of the U.S. economy, with volatile data and tightening financial markets posing risks to growth.
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