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Stocks, shorter-dated Treasury yields lower after CPI data

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NEW YORK :Global stocks slipped for the first time in three sessions while shorter-dated U.S. Treasury yields dipped as slightly higher than expected U.S. inflation data and a jump in weekly jobless claims did not diminish expectations the Fed will cut rates in November. U.S.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., September 19, 2024. REUTERS/Brendan McDermid/File PhotoNEW YORK :Global stocks slipped for the first time in three sessions while shorter-dated U.S. Treasury yields dipped as slightly higher than expected U.S. inflation data and a jump in weekly jobless claims did not diminish expectations the Fed will cut rates in November.

"The market swung from thinking the Fed was too timid in its rate cut projections to being a bit ambitious." Markets have been dialing back expectations the Fed will be aggressive in cutting interest rates after Friday's strong U.S. payrolls report. Comments from Fed Chair Jerome Powell and other central bank officials have signaled the Fed has shifted its primary focus from combating inflation to labor market stability.

The dollar index, which measures the greenback against a basket of currencies, rose 0.13 per cent to 103.01, with the euro down 0.21 per cent at $1.0916.

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