Fed Sees Significant Progress On Inflation, According to FOMC Minutes

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In the recent FOMC Minutes release, it was revealed that total PCE inflation was hovering close to the 2% target, with core PCE inflation slightly below 2%. Analysts noted that core nonhousing services inflation is expected to decrease as the labor market improves and wage growth moderates.

The dovish tone of the Minutes indicated that the Fed is prepared to initiate a rate cut cycle, aligning with market expectations. As a result, the U.S. Dollar Index dipped to session lows, with traders keeping a close eye on Treasury yields which continued to decline.

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Meanwhile, gold prices surged towards the $2520 level as investors reacted to lower Treasury yields and a weaker dollar. The SP500 index closed near the 5620 level, with stock traders remaining optimistic for the upcoming Fed rate cuts.

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