The dollar is poised for its worst year since the onset of the pandemic as Wall Street bets the Federal Reserve is set to lower interest rates after reining in prices.
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Initial applications for US unemployment benefits increased in the week leading up to Christmas, while remaining at a level that is consistent with a resilient labor market.
US consumer confidence rose in December by the most since early 2021 as Americans grew more upbeat about the labor market and the inflation outlook.
The final week of 2023 is expected to be much quieter on Wall Street after a ferocious rally that put the US stock market within a striking distance of its record.
The Federal Reserve’s preferred gauge of underlying inflation barely rose in November and trailed policymakers’ 2% target in a six-month measure, reinforcing the central bank’s pivot toward interest-rate cuts next year.
The US inflation outlook was already steadily improving in recent months, but last week, right in the middle of the Federal Reserve’s two-day policy meeting, the dam finally broke.
Fears about companies struggling to pay their bills have dissipated as investors grow increasingly hopeful that central banks will start cutting rates next year.
US new-home construction unexpectedly surged in November to a sixmonth high, benefiting from a dearth of existing houses on the market and suggesting the crunch in residential real estate is easing.
The best way to play the Federal Reserve’s pivot toward monetary easing is to load up on shorter maturity debt that still provides a 4%-plus yield.
New York Federal Reserve Bank President John Williams pushed back against the idea that the central bank has begun to discuss interest-rate cuts.