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The larger-than-expected drop in the June Consumer Price Index inflation rate has fueled market expectations for interest rate cuts by the Federal Reserve.
Investors no longer seem to have doubts and are assigning a 91% implied probability that rate cuts will begin as early as September 2024.
The upcoming Producer Price Index (PPI) inflation report, scheduled for release on Friday at 8:30 a.m. ET, will be crucial in determining whether producer price trends can continue to support rate-cut expectations or temper the optimism.
On Thursday, traders favored markets poised to gain from future rate cuts, investing in sectors that could benefit from reduced borrowing costs, while penalizing assets that had already heavily discounted expectations of monetary policy shifts.
The producer inflation data will be pivotal in evaluating if this market momentum will persist.
Among Thursday’s top-performing exchange-traded funds, we can definitely mention:
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Image created using artificial intelligence via Midjourney.