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US Stocks Lose Momentum as Inflation Data and Fed Minutes Influence Interest Rate Speculation

On Wednesday, US stocks experienced a loss in momentum as investors analyzed higher-than-expected wholesale inflation data and awaited the release of the Federal Reserve minutes to gain insight into their decision-making about interest rates. Both the Dow Jones Industrial Average and the S&P 500 retraced earlier gains and remained relatively flat, while the tech-heavy Nasdaq Composite saw a modest increase of around 0.3%.

The wholesale price index for September showed a 2.2% climb from the previous year, the fastest pace since April and higher than the anticipated 1.6% gain. This indicates that inflationary pressures persist despite the Fed’s aggressive interest rate hikes. The recently released minutes from the central bank’s previous meeting confirmed expectations of one more rate hike in the remaining two meetings of the year.

While treasury yields saw a retreat from the 16-year highs witnessed during the bond sell-off due to Israel’s increased strikes on Gaza, some analysts suggest that bonds may not be entirely out of the woods yet. As there is a lack of weak economic data or any solid reason for yields to continue falling, more investors are betting that the Federal Reserve will not raise interest rates during their November meeting, as the recent surge in bond yields is seen as effectively doing the tightening work on behalf of the central bank.

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