Stocks are rising on Wall Street and on track to end a mostly miserable August on an up note.
An inflation gauge tracked by the Federal Reserve remained low last month, raising the likelihood the Fed will leave interest rates unchanged at a September meeting.
The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed’s target of 2%. PCE measured 3.3% in July, matching economists expectations. That’s down from 7% a year ago.this week that also supports hopes for the Fed to pause interest rate hikes. The central bank held rates steady at its last meeting and is expected to do the same in September.
Bond yields were little changed. The yield on the 10-year Treasury remained at 4.11% from late Wednesday. The yield on the 2-year Treasury, which tracks expectations for the Fed, edged higher to 4.89% from 4.88% late Thursday.Wall Street has one more big economic update to look forward to this week. On Friday, the government will report employment data for August.
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