Hot CPI Lifts Fed Hike Odds to 85%, Yields Spike to 3-Year High
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
August CPI rose 0.4%, double July's 0.1% pace, pushing traders to price an 85% chance of a Fed rate hike next week, up from 67% before the data. The 10-year Treasury yield briefly hit 4.9915%, its highest in nearly three years, before settling at 4.96%. Oil retreated from a four-month high of $109.97 to $104.49, but remains up over 8% for the week. The Nasdaq is up 1.15% on the day, reversing a four-day slide, but still on track for a weekly loss. This follows a week of heavy selling driven by Middle East tensions and surging oil prices. The Fed decision and press conference on Wednesday will be the key event for markets.
At the time of this announcement, IXIC was trading at $26,362.38 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.