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Traders pushed chances for a rate increase to 70% in morning action.
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August PPI inflation rose 5.4% as oil topped $100. Here’s why rising prices and energy costs could affect the Fed rate decision and hike bets.
TD Securities economists Eli Nir and Oscar Munoz raise their August core PCE forecast after stronger PCE-relevant components in the August PPI report. They now expect core PCE at 0.24% m/m and 3.3% y/y, with headline PCE at 0.33% m/m and 3.8% y/y.
Macy's shares fell after the retailer offered third quarter guidance that disappointed investors. Bloomberg's Romaine Bostick spoke to CEO Tony Spring on the phone and has more. (Source: Bloomberg)
The president made the promise during the first day of the GOP midterm convention.
Bitcoin fell with US stocks as high inflation and a further surge in oil prices coincided with another multidecade high for US bond yields.
