The CME FedWatch Tool shows markets now see a 73.5% chance the U.S. Economists note that lower inflation will give the Federal Reserve room to slow the pace of its aggressive rate hikes. "All of these increases were smaller than for the period ending September," the report said.Īlthough inflation remains persistently high, the drop is having a significant impact on interest rate expectations. The report said that energy prices increased 17.6% for the year in October and food prices rose 10.9%. The Energy index rose 1.8% last month, with both gasoline and electricity prices rising however, natural gas prices dropped.Īt the same time, the food index increased 0.6% last month. ![]() Economists were expecting to see a 0.5% rise.įor the year, core inflation is up 6.3%, down from September's annual increase of 6.6%.Īlthough inflation appears to be cooling, the report noted that consumers are still seeing rising food and energy costs. December gold futures last traded at $1,730.50 an ounce, up nearly 1% on the day.Ĭore inflation, which strips out food and energy prices, also showed signs of cooling, rising 0.3%, down from the 0.6% rise in September. The gold market is seeing a jolt of new momentum as the weak inflation data is shifting expectations for U.S. "This was the smallest 12-month increase since the period ending January 2022," the report said. Economists were looking for an increase of 0.6%.įor the year, inflation pressures rose 7.7%, significantly below expectations for a 7.9% rise. ![]() Labor Department said its much-anticipated Consumer Price Index rose 0.4% last month after a 0.4% rise in September. ( Kitco News) - Gold prices are on the move, jumping 1% immediately following weaker-than-expected inflation numbers. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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