Inflation Rises 3.7% Year-Over-Year In September, Reigniting Fed Rate Hike Speculations
Portfolio Pulse from Piero Cingari
The Consumer Price Index (CPI) for September surpassed expectations, growing at a 3.7% YoY pace, which is putting pressure on the Federal Reserve to consider raising interest rates. The U.S. dollar, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), rose 0.3% after the CPI report, while futures on the S&P 500 turned negative.
October 12, 2023 | 12:42 pm
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The Invesco DB USD Index Bullish Fund ETF (UUP) rose 0.3% following the release of the higher than expected CPI report.
The higher than expected CPI report indicates potential inflation, which could lead the Federal Reserve to raise interest rates. This expectation led to a rise in the value of the U.S. dollar, which is tracked by the UUP ETF, making it more attractive to investors.
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