- Gold prices advanced despite higher US Treasury yields and a weaker US Dollar. The US 10-year Treasury note yields 4.42% and is up four-and-a-half basis points (bps) from its opening level. DXY dropped 0.04% to 104.40.
- On Wednesday, US inflation resumed its downtrend after stalling for six months, according to the US Bureau of Labor Statistics (BLS). The core Consumer Price Index (CPI) ebbed lower from 3.8% to 3.6% YoY in April, easing pressure on the Fed. This and soft Retail Sales augmented the odds for rate cut expectations by the Fed.
- After the data, US equities rallied to new all-time highs, while the Greenback tumbled sharply, following the path of US Treasury yields.
- Richmond Fed President Thomas Barkin acknowledged that inflation is decreasing but emphasized that it will "take more time" to reach the Fed’s target.
- Cleveland Fed President Loretta Mester approved the latest CPI data, noting that the Fed's current monetary policy stance is appropriate as it continues to assess forthcoming economic data.
- Fed Governor Michelle Bowman said the policy is restrictive but is willing to raise rates if inflation stalls or reverses.
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