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14 October 2017, 01:03 | Cesar Cruz
The US dollar has some momentum into the retail sales and CPI numbers. What to watch for
US consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related refinery disruptions, but underlying inflation remained muted.
Excluding the volatile food and energy components, the core consumer prices gained 0.1 percent in September.
The Dow Jones Industrial Average fell 17.09 points, or 0.07 percent, to 22,855.8, the S&P 500 lost 2.1 points, or 0.08 percent, to 2,553.14 and the Nasdaq Composite dropped 2.41 points, or 0.04 percent, to 6,601.14.
On top of the near-term inflation readings, investors are looking at whom U.S. President Donald Trump will nominate as successor to Fed Chair Janet Yellen, whose term expires next February.
Benchmark 10-year notes were last up 7/32 in price to yield 2.3195 percent, from 2.345 percent late on Wednesday.
European shares rose to their highest level in almost four months, helped by some well-received earnings updates.
The Fed targets a 2% annual inflation rate, as measured by the Commerce Department's personal-consumption expenditures price index.
"It all comes out to the economic data that came out today", said Chris Zaccarelli, chief investment officer at Cornerstone Financial Partners, in Huntersville, NC, referring to moves in bonds, currency and stocks. Adverse weather is seen as impeding lower-income people from getting to work more than it did higher-income employees.
Core prices, which exclude food and energy and are more closely watched by economists and the Federal Reserve, rose by a disappointing 0.1% on the month, short of August's 0.2% increase that was predicted to repeat for a second month.
The dollar, which was yoyoing against the pound all morning, fell again to 1.3320 on the news to extend losses on the day to 0.44%, while spiking down on the euro 0.3% to 1.1866.
European shares rose to their highest in almost four months, helped by corporate earnings updates.
The report also said the annual rate of producer price growth accelerated to 2.6 percent in September from 2.4 percent in August.
White House Chief of Staff John Kelly said on Thursday that Trump was "some time away" from making a decision, while another official said Trump had met with Stanford University economist John Taylor - of economics text book Taylor-rule fame - to discuss the job. "Price gains will continue to be only modest, but enough for the Fed to increase its policy rate at its December meeting".
USA core personal consumption expenditures (PCE) price index, a separate inflation gauge compiled by Commerce Department, increased 1.4 percent in August from a year ago. Shelter prices advanced 0.3% over the month.
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