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US shares rose, extending last week’s gains, and the dollar retreated with risk on by expectations that inflation is near peaking.
The S&P 500 advanced with 10 of the 11 major industry groups in the green. A gauge of the dollar fell for a second day, as all G-10 peers climbed against the greenback except the yen. Treasuries held gains after the auction of $41 billion in three-year notes, with a 10-year sale still to come.
US inflation data due Tuesday is expected to show headline CPI cooled in August to an 8% a year pace while the core measure that excludes food and energy is seen accelerating.
Traders almost fully expect another jumbo-sized Federal Reserve hike next week, following two 75-basis-point increases, taking their cue from central bank officials supporting that view.
US bond-market indicators suggest that investors are gaining confidence that this year’s spike in inflationary pressures will be brought under control.
