Daily digest market movers: Gold price dips as US yields recovered
- Jerome Powell emphasized they had made progress on tempering inflation, and despite printing two straight months of higher prices, that hasn’t changed the Fed’s outlook in regards to price stability.
- Despite that, Fed policymakers kept the dot plots unchanged for 2024. Still, the 2025 Dot Plots were revised up from 3.6% to 3.9%.
- For 2024, the Federal Open Market Committee (FOMC) forecasts that the economy will grow 2.1%, up from 1.4%, while the Unemployment Rate will remain at 4%.
- Inflation figures in the United States as measured by the Fed’s gauge for inflation, the Personal Consumption Expenditures (PCE), weren’t changed. They were expected to be at 2.4%, while core PCE is projected to end at 2.6%, up from 2.4%.
- The US economic schedule revealed that Initial Jobless Claims for the week ending March 16 rose by 210K, below estimates of 215K and the prior week’s figures.
- S&P Global PMI figures for the United States were mixed, with Services and Composite PMI readings cooling but remaining in expansionary territory. The S&P Global Manufacturing PMI was the outlier, exceeding estimates of 51.7 and the previous reading of 52.2 by jumping to 52.5.
- Existing Home Sales rose by 9.5% from 4 million to 4.38 million.
- According to the CME FedWatch Tool, expectations for a June rate cut stand at 74%, down from 59% at the beginning of the week.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.