U.S. inflation cooled significantly creating optimism that a soft landing is possible
Untitled Document Today the Bureau of Economic Analysis released its most current inflationary data vis-à-vis the PCE . The report revealed that in June inflationary pressures continues to diminish while consumer spending continues to expand.
The optimism created from today’s PCE report moved U.S. equity markets moderately higher with an increase of 1.9% in the NASDAQ composite, the Standard & Poor’s 500 increased by 1%, and lastly the Dow Jones industrial average increased by 0.5%. Market participants used this optimistic report on inflation as an underlying motivating factor to bid U.S. equities higher across the board. The precious metals also benefited posting moderate gains in gold and silver.
September silver gained $0.09 or 0.38% and is currently fixed at $24.46. There were slight tailwinds created from dollar weakness today with the dollar currently 0.09% lower taking the index to 101.455. The Federal Reserve also monitors employment costs closely it was revealed today that a quarterly measure of employment cost rose in the second quarter at its lowest pace in two years according to a report by the Bureau of Labor Statistics. The fact that U.S. inflation is diminishing and wages are cooling is the type of news welcome by the Federal Reserve.
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