Daily digest market movers: Gold price ignores goodish US data, high US yield
- February’s Job Openings and Labor Turnover (JOLTS) summary revealed that job vacancies remained relatively stable. The figures reached 8.756 million, slightly above the previous month's revised total of 8.748 million and just surpassing the expected 8.75 million.
- Factory Orders in February experienced a growth of 1.4%, recovered from a -3.4% decline in January and exceeded the forecasts of a 1% increase.
- Cleveland Fed Loretta Mester said that she doesn’t have enough information for a May meeting cut, yet foresees three rate cuts in 2024. Mester added the Fed’s challenge would be balancing the risks between inflation and employment.
- San Francisco Fed President Mary Daly said the Fed need to see how long to keep rates at current levels. She supports three rate cuts, but added that it’s a projection, not a promise.
- On Friday, Fed Chair Jerome Powell responded to the latest inflation data, stating it aligned with their expectations and indicating that the Fed would not overreact to these figures. This suggests that the US central bank would remain in a wait-and-see approach toward future monetary policy decisions.
- In terms of the Federal Reserve's future interest rate movements, the CME FedWatch Tool indicates that traders currently assign a 58% likelihood to the prospect of the US central bank reducing borrowing costs.
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