Daily digest market movers: Gold price retreats as traders trim 50-bps rate cut odds
- December 2024 Chicago Board of Trade (CBOT) fed funds future rates contract hints that investors are eyeing 97 basis points of Fed easing this year.
- US core PCE reading for July showed that prices increased by 2.6% YoY, unchanged from the previous month but slightly below the 2.7% YoY estimate. The headline PCE came in at 2.5% YoY, underperforming the forecast of a 2.6% rise.
- Consumer spending rose while income growth was sluggish, raising concerns about whether Americans can maintain their current spending pace.
- According to the University of Michigan (UoM), US Consumer Sentiment increased from 66.4 in July to 67.9 in August.
- Inflation expectations for one year dipped from 2.9% to 2.8%, while medium-term expectations — over five years — remained steady at 3%.
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