Daily digest market movers: Gold price traders eye key US economic data
- On Tuesday, according to estimates, the New York Empire State Manufacturing Index for October is expected to fall from 11.3 to 2.3.
- Fed officials, including San Francisco Fed President Mary Daly, Board Governor Adriana Kugler, and Atlanta Fed President Raphael Bostic, are scheduled to make public remarks.
- The combination of a slightly higher Consumer Price Index (CPI) and a weak US employment report on Friday could lead to additional rate cuts by the Fed.
- The yield on the benchmark US 10-year T-note remains above the 4% threshold amid diminishing odds of the Fed's more aggressive policy easing.
- Data from the Chicago Board of Trade, based on the December fed funds rate futures contract, indicates that investors are pricing in 46 basis points (bps) of easing by the Fed toward the end of 2024.
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