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Hey Z,
It was Jerome Powell, the Chair of the Federal Reserve, whose words made ripples through the financial markets.
In an exclusive interview with CBS's 60 Minutes, Powell hinted that interest rate cuts might not be on the horizon until after March.
Citing the need for more solid proof that inflation is firmly moving towards the 2% target, Powell stressed the dangers of acting hastily.
Notably, Powell quashed speculations of significant changes to the Fed's 2024 interest rate forecasts.
Last week, the Federal Reserve held interest rates steady for the fourth consecutive meeting.
Although the Fed acknowledged substantial progress in inflation, it insists on awaiting additional data to validate this downward trajectory.
The unanimous decision to retain the federal funds rate target range at a 22-year peak of 5.25% to 5.5% highlights this pivot.
Our top analysts are trading this BIG news for potential gains. Click here to see their trade strategy.
Here's a scoop of other market movers from the week:
1. S&P Hits Record High: The S&P continued to rise to a new record closing high this week. According to LSEG data, more than half of the quarterly results of S&P 500 companies have been reported so far with a huge 81.2% beat in profit expectations.
Our analysts are trading this new trending high on their charts right now. Click here to see their trades.
2. Treasury Auction Success: This week saw a successful auction of $42 billion in 10-year Treasury notes by the U.S. government, calming market volatility. The lower-than-expected yield signaled strong demand, bolstering confidence in potential rate cuts by the Fed in the coming time.
3. Labor Market: The number of Americans filing new claims for unemployment benefits fell more than expected last week. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 218,000 for the week ended February 3.
4. Data from China: China’s Producer Price Index (PPI) fell 2.5% in January, slightly better than expected, while Consumer Price Index (CPI) dropped 0.8% annually. These figures hint at ongoing economic challenges despite government efforts.
5. Oil Moves: Brent and WTI crude oil futures this week moved on the upside, taking support from data released by the U.S. Energy Department, which showed a slower-than-expected growth in oil production for 2024 and eased worries of oversupply.
So, that’s a wrap! Stay tuned for more insights and analysis in the coming week! To help you make sense of it all, we've got an exclusive strategy guide. Grab your copy >>
To your success, Tad DeVan
Senior Currency Strategist
Market Traders Institute |
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