Daily digest market movers: DXY impacted by service sector slowdown, Fed remains cautious
- The Institute for Supply Management (ISM) released a report noting that business activity in the US service sector expanded in March, but growth was slower than the previous month. The ISM Services Purchasing Managers Index (PMI) decreased to 51.4 from February's 52.6.
- The reported YoY decrease in the Prices Paid Index from 58.6 to 53.4 suggests an overall declining trend in inflation.
- The Employment Index noted a slight yearly increase, up to 48.5 from an earlier 48.0, continuing to signify a decline in payrolls within the service sector.
- Data from Automatic Data Processing (ADP) showed private sector employment in the US increased in March with 184,000 new jobs, which was an improvement upon the revised February figures of 155,000 from 140,000.
- Cleveland Fed President Loretta Mester and San Francisco Fed President Mary Daly suggested three potential rate cuts in 2024 but underscored that it's too soon to act.
- On Tuesday, Jerome Powell commented that there was no rush to cut rates and that the bank remains data-dependent.
- June has not been ruled out for the initial cut, with current market odds still favoring a rate cut at 68%.
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.