标普500指数开盘走高，美国国债收益率在CPI数据发布后下跌。Consumer prices in the US rose steadily last month as expected, strengthening the market's expectations that the Federal Reserve will continue to cut interest rates next week.
The so-called core consumer price index, which excludes food and energy costs, rose 0.3% for the fourth month in a row, according to data released by the Bureau of Labor Statistics on Wednesday. The indicator climbed 3.3% year over year.
Economists believe that core inflation reflects the underlying inflation trend better than the overall CPI, which includes frequently fluctuating food and energy prices. The overall CPI rose 0.3% month-on-month, while the year-on-year increase was 2.7%.
The S&P 500 index opened higher, and US Treasury yields fell after the CPI data was released.
As one of the most enduring sources of inflation in recent years, housing costs have cooled down from the previous month, but they still account for nearly 40% of the overall increase.
“Especially considering the slowdown in the housing category, this will make the Fed very relieved when cutting interest rates by 25 basis points in December and continuing to cut them in 2025,” Citigroup economists Veronica Clark and Andrew Hollenhorst said in a research report.
Although price pressure has subsided from its peak during the post-pandemic recovery period, recent anti-inflation progress has stabilized, prompting some Fed officials to advocate cutting interest rates at a more gradual pace in the future.
