According to BlockBeats, a report released on Wednesday, November 28, shows that the Fed's favorite inflation indicator, although in line with expectations, rebounded in October compared to September. This data supports the Fed's cautious stance on interest rate cuts, but market expectations for a December rate cut have not been dampened.
According to 4E monitoring, the three major U.S. stock indices collectively closed lower on Wednesday, ending a recent streak of gains. The Dow Jones fell 0.31%, the S&P 500 index dropped 0.38%, ending a seven-day winning streak; most large tech stocks declined, and the U.S. stock market will be closed for one day on Thursday, with an early close on Friday, as traders seem to be taking profits on large tech stocks that performed well this year, causing the Nasdaq to fall 0.60%, leading the three major indices.
Earlier this week, Bitcoin saw a decline due to some investors taking profits as the price approached a historical milestone. On Wednesday, the crypto market collectively rebounded strongly, with Bitcoin rising nearly 4.4% in the last 24 hours, Ethereum up over 10%, boosting crypto concept stocks with MicroStrategy rising 9.94% and Coinbase up 6.03%.
In the forex market, trading was light ahead of Thanksgiving, with the dollar showing weakness, falling about 0.9% to touch a two-week low, while non-dollar currencies rose; news that this Sunday's OPEC+ meeting may delay production increase plans supported oil prices, with U.S. oil closing slightly lower on Wednesday while Brent crude remained roughly flat; gold prices rose on Wednesday, but after data showed stalled progress on inflation, expectations for rate cuts were suppressed, narrowing gold's gains.
Recent months' data shows that the process of reducing inflation seems to have stalled, which may limit the Federal Reserve's space to cut interest rates in 2025, but is unlikely to affect the Fed's continuation of rate cuts at this year's final monetary policy meeting. Currently, the market believes that the likelihood of the Fed cutting rates by 25 basis points in December has further increased to nearly 70%.
