Wall Street is largely holding onto its stupendous surge from a day before, and stock indexes are mixed Friday to keep them on track for a strong gain for the week.
Hikes to such rates can cause a recession and drag down on stock prices. They’ve been the main reason for Wall Street’s struggles this year.
The median expectation for inflation in the coming year among households rose to 5.1% from 5% a month earlier, according to a survey by the University of Michigan. Expectations for long-run inflation, meanwhile, ticked up to 3%. But that’s still within the same 2.9% to 3.1% range where they’ve been for 15 of the last 16 months.
Traders are increasingly betting that the rate could top out around a range of 4.75% to 5% by early next year, according to CME Group. A week ago, they saw a higher ultimate rate as more likely, with a sizable chunk expecting something like 5.25% to 5.50%. Companies that do a lot of business in China and around the region were particularly strong Friday following the relaxation of some anti-COVID restrictions. Wynn Resorts rose 6.9%, and Las Vegas Sands gained 5.7%.
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