Asian markets will be watching Japan’s inflation numbers, which could give a clue to the Bank of Japan’s moves
Japan's core inflation rate fell in July, headline inflation holds steady at 3.3%
Japan's core inflation for July fell to 3.1% from June's figure of 3.3%, in line with expectations from economists polled by Reuters.The headline inflation rate for July came in at 3.3%, unchanged from June's figure. The so called"core-core" inflation metric, which strips out prices of fresh food and energy and used by the Bank of Japan in its monetary policy considerations, came in at 4.2%, down from 4.3% in June.Few interest rate traders at the CME are saying the Federal Reserve will raise rates again in September , but there's a growing chorus that central bank policymakers may go another quarter point — to 5.50%-5.75% — at either the Nov.
Odds of another quarter point hike at the Nov. 1 Federal Open Market Committee meeting are up to 33.3% now from 27.8% a week ago, and 31.1% by the time of the December meeting versus 24.7% last week and just 20.9% one month ago.The chance of a quarter point reduction in the overnight fed funds rate by December was only 16.5% a month ago. Today the odds stand at 8.1%.Natural gas spiked nearly 2.8% Thursday, but is still headed for its worst week since July.
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