January consumer price data was released early on Thursday and it came in hotter than expected, providing still more room for the US Federal Reserve to hold interest rates at their current level for longer.
The probability of a quarter point rate cut in June fell below 30 per cent, according to CME futures.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
