Consumers are increasingly pushing back against high prices, with major retailers like Target and Walmart responding by reducing prices. However, proposed tariffs from President-elect Trump could lead to new price hikes, as companies may find it easier to pass on costs to consumers than in previous years. Richmond Fed President Tom Barkin notes that while tariffs create inflationary pressure, the actual impact on prices will depend on various factors, including consumer and business responses.
Treasury yields rose on Thursday, with the 10-year yield at 4.469% and the 2-year yield at 4.301%, as investors awaited key economic data and Federal Reserve speeches. The producer price index is anticipated to show a 0.2% increase, while Fed Chair Jerome Powell and other officials are set to discuss the economic outlook amid speculation on interest rates following President-elect Donald Trump's return.
The recent FOMC minutes reveal a cautious Federal Reserve, supporting the US dollar as expectations for aggressive rate cuts are tempered. With the upcoming CPI data and speeches from Fed officials, market sentiment remains focused on potential shifts in monetary policy amid global uncertainties and a looming US election. The EUR/USD pair faces downward pressure as the ECB prepares for rate cuts, while the dollar's strength is bolstered by geopolitical factors and resilient economic data.
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