Bond Yields Fall, Stocks Edge Higher After CPI Report
Dow Jones07-14 21:42
Bond yields dropped sharply and stocks opened modestly higher after a cooler-than-expected inflation report this morning.
The Nasdaq composite led gains among major indexes, advancing some 0.5%. The Dow industrials was flat, weighed down by tumbling shares of IBM.
Investors had worried that accelerating price increases would nudge policymakers at the Federal Reserve to hike interest rates this year.
In the wake of today's report, they drastically scaled back their rate-hike bets: Traders now see a roughly 16% chance that the Fed will raise rates at its next meeting, according to CME FedWatch. That's down from 42% the day before.
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