Producers of metals and other raw materials rose after comments from one Federal Reserve official downplayed the odds of another rate increase in the near term.
The recent slowdown in inflation is a trend and not a "one-month blip," Chicago Fed President Austan Goolsbee said.
In an interview with the Financial Times, Goolsbee denied that progress had stalled on getting inflation back to the Fed's 2% target.
"While inflation has fallen significantly from its post-Covid highs, the path to further declines may be more challenging unless the job market softens and/or wage pressures subside," said Brent Schutte, chief investment strategist at money manager Northwestern Mutual Wealth Management.
A slowdown in the pace that soybeans are being planted in Brazil bolstered soybean futures. A shortage of cocoa in Nigeria has sparked competition among merchants and exporters, traders said Monday.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-16-23 1738ET
