Live news: Traders price in fed rate hike for December as bitcoin and gold retreat

Traders price in fed rate hike as bitcoin and gold retreat

Traders increased bets on a Federal Reserve interest-rate increase ahead of Tuesday’s U.S. inflation report, with markets pricing 25 basis points of tightening for Dec. 9, taking the target range to 4.00% to 4.25%.

Fed Governor Christopher Waller fueled expectations, saying he favored a December increase even if inflation cooled last month. A hotter-than-expected reading could warrant a 50-basis-point increase, he said.

Bitcoin and gold fell just over 1%, trading near $74,000 and below $4,100 an ounce, respectively. Nasdaq 100 futures edged lower following Monday’s rally, while the dollar index remained firm below 102.