US stocks reach new highs amid lower rate hike bets

Wall Street indices rose to record levels after expectations of a US interest rate hike diminished, following a slowdown in inflation reflected in the July consumer and producer price data. This led to a decline in US Treasury bond yields and increased investor appetite for stocks, particularly in the technology sector, supported by strong earnings from companies such as Cisco. Market forecasts now suggest a lower likelihood of a rate increase at the September meeting, with the probability decreasing to about 34%, while the chances of keeping rates unchanged increased to around 66%.

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