Producers of metals and other raw materials ticked down as traders hedged their bets on the outlook for interest rates.

The core personal consumption expenditure inflation index rose by the most modest increment since October 2021, spurring bets that the Federal Reserve will send dovish signals with its policy statement next week.

Gold futures, which are particularly sensitive to Fed policy, rose slightly after hitting a nine-month high earlier in the week. Some economists warned that the Fed will likely stick to its hawkish rhetoric.

Soybean futures fell on favorable weather in South America.

Fortescue Metals Group shares slipped after the Australian miner posted an increase in fourth-quarter iron-ore shipments.


 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

01-27-23 1732ET