The moves come as markets try to gauge when the Federal Reserve will begin cutting interest rates, which will be a key determinant of the trajectory of the economy and markets this year.
Two significant pieces of economic data are on the slate this week, with a preliminary fourth-quarter GDP growth figure due on Thursday and the Commerce Department’s closely-watched PCE price index for December out Friday.
Economists surveyed by Dow Jones expect the economy to have grown by 1.7% for the final three months of 2023, the slowest rate since the 0.6% decline registered in the second quarter of 2022.
The consensus forecast for core PCE prices, which exclude the volatile food and energy components, is 0.2% growth for the month and 3% for the full year.
Chicago Fed President Austan Goolsbee told CNBC on Friday that investors should be watching this data point when trying to plot the Fed’s rate path.
