U.S. stocks ended January with a gain, as investors cheered signs of labor costs easing and inflation cooling as they gear up for Wednesday’s Federal Reserve decision.
U.S. stocks ended January with a gain, as investors cheered signs of labor costs easing and inflation cooling as they gear up for Wednesday’s Federal Reserve decision.
Treasuries gained, with the 10-year yield sliding to around 3.49 per cent. It fell more than 30 basis points during January, the most since November. A dollar index dropped. While Tuesday’s data from the Labor Department added to evidence that wage growth is slowing, it may still not be enough to sway the Fed. Investors will be watching for the tone officials set for future meetings. While Fed Chair Jerome Powell has repeatedly pushed back against hopes of rate cuts later this year, central bank officials could consider pausing rate hikes after their March meeting.
Speaking about Powell’s presser Wednesday, he said “I expect that he will continue to try to talk the market into doing something that it is not currently doing.”
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