Bond yields fell early Wednesday as traders jostled for position ahead of crucial inflation data.
What’s happeningWhat’s driving markets All focus is on the consumer price index report for June, due to be published at 8:30 a.m. Eastern.What’s happening What’s driving markets All focus is on the consumer price index report for June, due to be published at 8:30 a.m. Eastern.
Annual core CPI, which strips out volatile prices such as those of food and energy, is expected to slow from 5.3% to 5%, while the month-on-month reading eases from 0.4% to 0.3%. Markets are pricing in a 92% probability that the Fed will raise interest rates by 25 basis points to a range of 5.25% to 5.50% after its meeting on July 26, according to the CME FedWatch tool.
Fed officials making comments on Wednesday, include: Richmond Fed President Barkin speaking at 8:30 a.m.; Minneapolis Fed President Kashkari at 9:45 a.m.; and Atlanta Fed President Bostic at 1 p.m.. Also, the Fed Beige Book will be released at 2 p.m.. All times Eastern.
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