Federal Reserve meeting minutes reinforced market expectations that the Fed will raise rates sooner than other major central banks. Core PCE, the Fed’s preferred measure of inflation, was up 4.1% year over year in October, matching estimates. Census Bureau said durable goods orders showed an unexpected decline in October.
However, other data points on Wednesday weren’t as solid. In other economic news, the third-quarter GDP was revised up slightly to 2.1%, though it missed an estimate of 2.2%. Economists polled by Reuters had forecast 260,000 applications for the latest week. That was the lowest level since mid-November 1969. Initial claims for state unemployment benefits tumbled 71,000 to a seasonally adjusted 199,000 for the week-ended November 20, the Labor Department said on Wednesday. The number of Americans filing new claims for unemployment benefits fell to their lowest level since 1969 last week, pointing to sustained strength in the economy as a year marked by shortages and an unending pandemic winds down. US Economic Data Shows Recovery in Full-Swing
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