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Gold hits new highs as markets weigh Fed rate cuts, stock market slumps
Asian stock markets were in a subdued mood on Friday, as investors pondered the Fed's path to rate cuts amid uncertainty over the U.S. inflation outlook. While U.S. Treasury yields were near five-month highs, gold rose to record highs as higher-than-expected consumer price data in midweek forced bets on a rate cut to fall. After Wednesday's shocking consumer price index, the market rushed to trim bets on easing, and now expects the Fed funds rate to fall by less than two quarter-points this year, down from the three rate cuts Fed officials predicted last month.
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