S&P 500 Hits Fresh High Amidst Reduced Inflation Pressure

Stocks and bond prices rose on Thursday, with the S&P 500 barreling to a fresh high. This came after another relatively benign snapshot of U.S. inflation that reduces pressure on the Federal Reserve to raise interest rates.

The Cleveland Fed President Beth Hammack reiterated her view that rates should be raised now if inflation is to finally get back to target, while Richmond Fed President Thomas Barkin said the labor market is vulnerable and inflation may already be drifting lower on its own. Despite this, markets seem unfazed, with stocks and bonds on the up.

Central banks are turning to gold as a safe-haven asset due to uncertainty around the U.S. rate outlook and Fed independence and credibility. OpenAI's chief revenue officer Denise Dresser is leaving the company after barely eight months in the job, which may raise questions about the company's future plans.