Traders Scale Back Bets On 50-Basis-Point September Rate Cut Ahead of Friday's Key Fed Inflation Gauge Data

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This adjustment comes as the market eagerly anticipates the release of the Personal Consumption Expenditure (PCE) price index – the Fed’s favorite inflation report – scheduled for 8:30 a.m.ET Friday.The U.S.economy grew at an annualized rate of 3% in the last quarter, according to the government’s second estimate, which revised earlier projections of 2.8% growth.

An upward revision of U.S.gross domestic product growth in the second quarter has led speculators to reconsider their bets on a substantial 50-basis-point rate cut next month.

This strong boost in GDP, alongside recent jobless claims that showed no significant cooling in the labor market, has caused traders to slightly scale back their expectations of a larger rate cut from the Federal Reserve.

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Author / Journalist: Piero Cingari

Category: Technology

Markets: United States

Topics: Top Stories Tech PCE ETFs Broad U.S. Equity ETFs Interest Rates Stories That Matter Benzinga Economics UUP US73935A1043 Bonds Econ #s SPY Inflation Forex US78462F1030 Macro Economic Events Federal Reserve Expert Ideas US4642874329 TLT US73936D1072 QQQ Large Cap

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Article Type: News Report

Published On: 2024-08-29 @ 20:46:04 (3 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 540 words

Reading Time: 3 minutes read

Sentences: 20 lines

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News ID: 22300932

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