Federal Reserve Chairman Jerome Powell has concluded his sermon to the US congress and the results are in: interest rate cuts are not far off so long as inflation signals cooperate. Brilliant news. Although there is nothing inherently surprising about what was said during the testimony, it is always good to have it in writing, so to speak.
No concrete timeframe was given for when the eventual rate cut would come, but then again no one was expecting one. Stocks were simply happy for someone in charge to reiterate what investors have been hoping for. The poor performance observed by tech stocks a few days ago was entirely inverted during Thursday’s session, pushing the Nasdaq Composite 1.5% higher, just shy of a fresh all-time high. The S&P 500 wasn’t so coy, establishing a new record with a 5,157 close yesterday, whereas the Dow Jones was content to gain 0.34% on the day, comfortably close to its own all-time high.
The momentum in gold continues unchallenged. Green candle after green candle has now propelled the precious metal to $2,160 an ounce by yesterday’s close, taking the mantle from the fledgling record printed back in early December.
The Dollar Currency Index, perhaps taking Jerome Powell’s comments as a sign of rapidly approaching interest rate cuts, recently showed some signs of weakness, losing about a percent over the past couple of sessions to finish below 103 by yesterday’s close. A reminder that Non-Farm Payrolls will be released in a matter of hours, with all the volatility that entails.
Эрсдлийн дохио : Худалдааны дериватив ба хөшүүрэг бүтээгдэхүүн нь өндөр түвшний эрсдэлтэй байдаг.
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