In addition, China announced that it would be relaxing some of its harsher COVID-19 restrictions, which have periodically shut down large cities and curtailed movement. And if the Fed doesn't have to hike rates so high, that lessens the probability of it going too far and causing a recession. That spurred hope that the Federal Reserve might not have to raise interest rates as fast or as far as thought. Oil prices have fallen a good amount from their heights above $120 per barrel in June, but were on the rise again today, up nearly 3%. Certainly, Thursday's inflation report was encouraging, as October's Consumer Price Index (CPI) data came in lower than expected.
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