Wall St eyes lower open as yields rise, China data weighs
U.S. economic data since the Fed's July meeting has added to the impression the economy is cooling without cracking, likely bolstering the case against further interest rate increases.
All three main U.S. stock indexes logged gains in the previous week after a raft of data pointed to a softening labor market. Investor focus will now shift to the consumer price index data due next week and the Fed's policy decision due on Sept. 20. Traders' bets that the Fed will leave rates unchanged in the next policy meeting stood at 93%, while pricing in a 58.2% chance of a pause in November, up from 52% a week earlier, according to the CME FedWatch tool.
Meanwhile, Goldman Sachs lowered the chances of a U.S recession in the next 12 months to 15% from 20% amid continued easing inflation and labor market data.
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