Stocks closed slightly higher on Thursday. Although there is another consumer inflation reading before the September FOMC meeting, there is belief that today’s report will allow the Fed to pause raising rates.
The Consumer Price Index rose 0.2% in July, matching expectations. Consumer prices were up 3.2% YoY, an increase from the previous reading but below expectations of 3.3%. Core prices were also up 0.2% for the month and increased 4.7% YoY, the lowest reading since October 2021.
Elsewhere, initial jobless claims jumped to 248k last week, outpacing expectations of 231k and the highest level in a month. Initial claims were at 227k last week. Continuing claims were at 1.68M, down slightly from the previous reading.
US Treasury yields picked up today, with the 2-year T yield up 4.8 basis points to 4.85%, the 5-year T yield up 10.6 basis points to 4.23%, and the 10-year T yield up 9.1 basis points to 4.11%. Advance rates are slightly higher throughout some of the curve today.
That’s all for today! Come hang out at the Games N Gains twitch stream tonight at 6PM MST to game and talk stocks with me!