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NEW YORK, Oct 14 (Reuters) — US consumer prices accelerated in September with a surge in gasoline costs putting an interest rate increase later this month back on the radar. The Consumer Price Index rose 0.6% last month after climbing 0.4% in August, the Labor Department's Bureau of Labor Statistics said on Wednesday.
Derivatives markets assign a 22% probability to a rate increase this month ahead of the September inflation release. The excerpt says inflation is expected to remain above the Fed’s 2% target.
U.S. stock futures were mixed early Tuesday: Nasdaq 100 futures fell 0.81% and S&P 500 futures fell 0.23%, while Dow futures rose 0.23% and Russell 2000 futures gained 0.12%. Third-quarter bank earnings begin Tuesday, with JPMorgan, Goldman Sachs, Wells Fargo and Citigroup among the companies reporting.
Gold futures advanced more than 1% in early European trading as the dollar weakened and oil prices slipped. Market participants also were reassessing the inflation and interest-rate outlook.
U.S. natural gas futures turned lower after the EIA reported a weekly inventory increase above expectations. The build left stocks at 3,500 Bcf, 68 Bcf above the 2021-2025 average.
The 10-year Treasury auction cleared at a 5.30% yield, 0.018 percentage points below the pre-bidding deadline level. The yield later fell to as low as 5.273% before rebounding slightly.
US Treasury yields declined on Wednesday as markets priced in a lower probability of a Federal Reserve rate hike in October following inflation data that showed a smaller-than-expected increase in August. The 2-year Treasury yield fell 5.19 basis points to 4.837% and the 10-year yield dropped 1.45 basis points to 5.241
* Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. UST futures are higher, but