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Hey Z,
What a rollercoaster ride it's been in the markets this week!
In a recent address to Congress, Federal Reserve Chair Jerome Powell reiterated his projection that interest rates might begin to decrease within this year.
However, Powell highlighted that the exact timing remains uncertain as the Federal Reserve continues to evaluate economic indicators closely.
He also stressed the necessity of achieving greater confidence in inflation's movement towards the 2% target before considering a reduction in the policy rate.
We will know how the Fed moves on interest rates in the upcoming monetary policy meeting scheduled on March 19-20.
Our pro analysts are already preparing for this upcoming BIG market news. Click here to see their strategy.
Here's a scoop of other market movers from the week:
1. Labor Market Resilience: Despite unchanged initial claims for state unemployment benefits, the U.S. labor market showed resilience, with initial claims holding steady at a seasonally adjusted 217,000 for the week ended March 2.
2. Trade Dynamics: The U.S. trade deficit widened in January, driven by increased imports of capital goods and motor vehicle parts. The deficit rose by 5.1% to $67.4 billion, with imports up by 1.1% to $324.6 billion, while exports saw a modest increase of 0.1% to $257.2 billion.
3. U.K. Spring Budget: The U.K. witnessed the spring budget of 2024, marked by significant initiatives to boost economic optimism. Notable measures include a two-percentage-point cut in national insurance contributions for employees and self-employed, and long-term plans to abolish national insurance altogether.
See how we are trading this data.
4. China's Trade Performance: China's exports and imports for the first two months of the year surpassed expectations. Exports and imports both registered growth, with the trade surplus reaching $125 billion.
5. ECB Outlook: The ECB opted to maintain record-high borrowing costs while hinting at potential rate cuts later in the year.
6. OPEC+ Oil Cuts: OPEC+ members agreed to extend voluntary oil output cuts into the second quarter, aiming to stabilize the market amid global growth concerns and rising output levels. For effective market strategies our analysts are using to trade the above data, check out this exclusive trading masterclass >> To your success, Tad DeVan
Senior Currency Strategist
Market Traders Institute |
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