From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 11/14/2024
U.S. stocks are little changed again Thursday morning as investors digest another inflation related report. The DJIA edged higher in early trading, while both the Nasdaq and S&P 500 are lower. Investors will now turn their focus to comments from Fed Chair Jerome Powell later today for any clues on monetary policy.
Looking at economic data today, the Producer Price Index rose 0.2% in October and was up 2.4% over the past year, up from 1.9% the previous reading. Core producer prices, which exclude food and energy, were up 0.3% for the month and 3.1% from a year ago. Core prices were expected to increase by 3.0%.
Elsewhere, initial jobless claims unexpectedly fell to 217,000, below expectations of 223,000. Initial claims were at 221,000 last week. Continuing claims were down 11,000 to 1.873 million.
U.S. Treasury yields are lower this morning, with the 2-year Treasury down 1.7 basis points to 4.27%, the 5-year Treasury yield down 0.9 basis points to 4.29%, and the 10-year Treasury yield down 2.3 basis points to 4.43%. Advance rates are higher throughout most points on the curve.
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