US Economic Data Eases Rush For Large Interest Rate Cuts, Stocks Mark Strongest Weekly Gains In 10 Months: This Week In The Markets

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US Economic Data Eases Rush For Large Interest Rate Cuts, Stocks Mark Strongest Weekly Gains In 10 Months: This Week In The Markets - Benzinga

Quick Summary:

Recent economic data has eased the recession fears that loomed earlier in August, diminishing the likelihood of large rate cuts by the Federal Reserve and boosting investor confidence in risk assets.

In July, the Consumer Price Index inflation gauge increased by 2.9% year-over-year — the slowest pace since March 2021 and below both the previous month's rate and the expected 3%.

The S&P 500 and Nasdaq 100 indices saw their strongest week since late October 2023 as of Friday midday trading, driven by encouraging economic releases during the week.