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Editor’s note: This story has been updated with additional details.
U.S. gross domestic product in the fourth quarter of 2023 was upwardly revised in the third estimate released Thursday, indicating a deceleration compared to the previous quarter but still maintaining a solid pace of growth.
Concurrently, the latest report from the U.S. Labor Department showed a lower-than-expected pace in weekly unemployment benefit claims.
Market Reactions
The U.S. dollar index (DXY), as tracked by Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), traded 0.3% higher on Thursday morning following hawkish remarks from Fed’s Governor Christopher J. Waller.
Traders have marginally reduced their expectations for an interest rate cut in June, now suggesting a 64% probability of such an outcome, down from 70% the previous day.
Futures on major U.S. averages traded flat during premarket trading on Thursday. The SPDR S&P 500 ETF Trust (NYSE:SPY) reached an all-time high close at $523.17 on Wednesday.
Read now: Investors On Edge With Consumer Inflation Data Due Friday, Rate Cut Hopes Hang In The Balance
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