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All eyes on US inflation data to be released today

While volatility and concerns continue in global markets, the US October inflation data to be announced today is of critical importance.

All eyes on US inflation data to be released today

While the global markets followed a negative course with the concerns about the crypto money market, the increasing number of cases in China and the uncertainty about the results of the mid-congress elections in the USA, the eyes were turned to the inflation data of the USA, which will be announced today. Inflation in the country is expected to be 0.4 percent monthly in October, and annual inflation is expected to decrease from 8.2 percent to 8 percent.

In the data, which will measure the effect of the Fed's aggressive tightening steps to cool the economy, it is estimated that if the expectations for a decrease in annual inflation are realized, the pricing that the Bank will reduce the size of the rate hike from 75 basis points to 50 basis points in December will strengthen. Currently, expectations regarding the size of the Fed's policy rate hike in December are at 54 percent for 50 basis points and 46 percent for 75 basis points.

On the other hand, from the first results of the midterm elections in the USA, it is not yet clear who will control the Congress. While it is still considered certain that the Republicans will control the House of Representatives, the unexpected resistance of the Democrats in the Senate has caused the risk appetite in the stock markets to decrease. Analysts stated that the US House of Representatives had recently approved the bill that envisions temporarily raising the borrowing ceiling, adding that the debt ceiling settlement may shake the markets after the election results become clear.

Concerns rise over crypto market 

Concerns about the stability of the cryptocurrency markets were at the top of the agenda. While the world's largest crypto exchange Binance announced yesterday that it is giving up on acquiring rival FTX, it has been reported that an investigation has been opened in the US to investigate how FTX managed customer funds during the liquidity crunch. With these developments, the price of Bitcoin hit the lowest level in two years with $ 15,555, while the two-day loss exceeded 22 percent.

While a selling trend was followed in the New York stock market yesterday, the Dow Jones index lost 1.95 percent, the S&P 500 index lost 2.08 percent and the Nasdaq index lost 2.48 percent. The dollar index was stabilized at 110.2 today, after rising 0.8 percent to 110.6 yesterday. The US 10-year bond yield decreased to 4.08 percent on the third trading day. US index futures contracts started the new day with buyers.

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