Vivien Lou Chen is a Markets Reporter for MarketWatch. You can follow her on Twitter @vivienlouchen.
Treasury yields jumped Thursday morning after hotter-than-expected headline inflation from the September consumer-price index had traders boosting the chances of a December rate hike by the Federal Reserve.
What’s happening What’s driving markets In data released on Thursday, the U.S. consumer-price index for September produced hotter-than-expected headline inflation rates. Prices climbed 0.4% for last month and remained steady at 3.7% over the 12 months that ended in September — both of which exceeded economists’ expectations.
The narrower core measures, which strips out volatile food and energy items, rose 0.3% on a monthly basis and 4.1% on a 12-month basis, in line with forecasts. Other U.S. economic updates showed that weekly initial jobless benefit claims remained flat at 209,000, a sign that the job market is still strong.
Fed funds futures traders boosted the chances of a 25-basis-point rate hike by the Federal Reserve in December to 34.8%, up from 26.3% a day ago, according to the CME FedWatch Tool. Such a move would lift the fed funds rate target to between 5.5%-5.75%. Traders see only a 10.7% chance of a quarter-point hike on Nov. 1.
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