Welcome to Markets Desk, your midday read on what's moving money and markets.
The dollar is finding its footing after a hotter-than-expected CPI print pushed the odds of a Federal Reserve rate hike next week to eighty-eight percent, up sharply from seventy-five percent just a day prior. The ten-year Treasury yield edged higher in tandem, giving the dollar index a modest lift, closing up six hundredths of a percent.
Shifting to commodities, cocoa gave back earlier gains to close fractionally lower on Friday, with New York December futures essentially flat and London contracts off about a third of a percent. The market had drawn support midweek from Ghana's cocoa regulator floating a proposal to raise farmgate prices, but that enthusiasm faded into the close.
And in the technology space, Sam Altman is pumping the brakes on any near-term IPO ambitions for OpenAI. The chief executive told markets that going public right now would be, in his words, ill-advised, citing heightened scrutiny around artificial intelligence safety. With regulatory and reputational pressures mounting across the sector, Altman appears content keeping ChatGPT's parent firmly in private hands for the foreseeable future.
That's the tape. Markets Desk, signing off the floor.
