The U.S. economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases, Fed Chair Jerome Powell said on Thursday in remarks that appeared to push back against market expectations that the U.S. central bank's rate hikes had reached an end. Powell said U.S. central bankers are moving carefully on policy now after aggressive rate hikes last year to give time for tighter conditions to slow the economy and inflation. STOCKS: The S&P 500 was last up 0.1% in choppy tradeBONDS: The U.S. Treasury 10-year yield moved higher after a brief decline and was last at 4.95%.
Instant View: Gas and shelter costs send US consumer prices higher in Sept
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Gas and shelter costs send US consumer prices higher in September
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A sell-off in Treasuries continued overnight before paring losses, with long-term yields pushed to highs unseen since the global financial crisis. A growing sense that interest rates in major economies will stay higher for longer to contain inflation, resilient U.S. economic data and a sharp unwinding of traders' positions for a bond rally were among the drivers for the sharp move lower. JP Morgan analyst Sin Beng Ong in a note on the pressure it was putting on emerging Asia markets.