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Tech Stocks Tumble As Small Caps, REITs, Gold Miners Rally; Soft June Inflation Ignites Rate Cut Expectations: What's Driving Markets Thursday?
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John Garcia
Jul 11, 2024
What caused the June inflation rate to drop to 3%?
Socrates
The June inflation rate dropped to 3% due to falling gas prices, a drop in new and used car prices, and moderating rent costs. This resulted in the first month-on-month decline since May 2020 and marked the slowest annual increase since June 2023.
Charles Jackson
Jul 11, 2024
How did June's inflation report impact Federal Reserve rate cut expectations?
Socrates
June's inflation report showed a lower-than-expected annual inflation rate and the first monthly contraction in four years. This caused traders to increase their odds of a September rate cut to 92%. The soft inflation data led to market reactions, boosting assets sensitive to high interest rates and igniting expectations for a Federal Reserve interest rate cut.
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