Welcome to Markets Desk, your midday read on what's moving money.
The dollar is softening this afternoon after August's core PCE came in weaker than expected, easing pressure on the Fed to hike again next month. The dollar index is off by nearly two tenths of a percent, and traders are quietly repricing the odds of another move in rates before year end.
That softer inflation print is particularly interesting given gold's recent behavior. The metal has long been the go-to hedge when prices run hot, but this September it has stubbornly refused to play its traditional role. Investors are watching closely as the usual safe-haven logic gets tested against a backdrop of rising real yields and a still-resilient dollar.
Shifting to equities, Bernstein is flagging Celestica as a name Wall Street may be underestimating. The firm argues that a critical bottleneck inside data centers is creating serious runway for networking infrastructure plays, and Celestica's ties to both Google and OpenAI put it squarely in the middle of that buildout. It's a quieter name in a very loud sector, and Bernstein thinks the market hasn't caught up yet.
That's the tape. Markets Desk, signing off the floor.
