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Inflation felt by U.S. producers rose less than expected on an annual basis in May, bolstering market optimism for a sustained decrease in price pressures throughout the economy, following a lower-than-anticipated consumer inflation report released on Wednesday.
Simultaneously, the Labor Department reported on Thursday that weekly jobless claims rose more than anticipated, reaching their highest level since August 2023.
Initial market reactions to Thursday’s economic data releases saw the U.S. dollar and Treasury yields falling, reflecting improved investor expectations towards the likelihood for rate cuts.
Market participants are factoring in a 65% chance of a rate cut in September and nearly 50 basis points of cuts by year-end, implying almost two fully priced rate cuts.
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), erased its earlier session gains.
Futures on major U.S. indices were higher in the premarket trading Thursday. The S&P 500 is up 0.5% while the Nasdaq 100 is 1% higher.
On Wednesday, both indices, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust (NASDAQ:QQQ), hit new all-time highs, driven by a lower-than-expected inflation report.
Read now: Fed Chair Powell Tempers Market Excitement: ‘We Want To Gain Further Confidence’ On Inflation
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