Rates Cut Is Just A Matter Of Time 🚀
The Fed chair reiterated that the central bank is in no rush to cut interest rates. Powell told the Financial Services Committee of the US House of Representatives that it will likely be appropriate to begin lowering borrowing costs “at some point this year,” but he made clear officials are not ready yet.
⚠️ Trading tips: waiting for the price to plunge before Jerome’s speech and buy the dip ONLY if there is a reversal push like yesterday. Expecting a huge move coming up today or tomorrow. Be patient and nimble to react to price action 🙏
Up or down?
His remarks echoed a consistent message from nearly every Fed official in recent weeks: The economy and labor market are strong, meaning policymakers have time to wait for more evidence that inflation is headed back to their goal before cutting rates.
He also said regulators are likely to significantly change their plan to require large lenders to hold more capital — a move that would mark a major win for Wall Street giants. Powell was on Capitol Hill for the first of two days of his semiannual monetary policy testimony. He’s slated to testify before the Senate on Thursday.
Reversal scalp
The Treasury market rallied, sending yields to the lowest levels in weeks, after NYCB’s swoon reignited concerns about the health of US regional lenders. The benchmark 10-year note’s rate declined five basis points to 4.11%.
The earlier gains for bonds occurred against the backdrop of Federal Reserve Chair Jerome Powell’s congressional testimony on the economy and monetary policy.
On the same day, a report on February private-sector job creation came in slightly weaker than expected, and a measure of January job openings -- though slightly higher than anticipated -- showed a decline from a downwardly revised December level.
Futures trading on a roll 🥳
The S&P 500 reclaimed its 5,100 perch, with tech shares leading gains. The dollar dropped. Bitcoin hovered above $67,000 while gold hit a fresh high — a jarring contrast.
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- AyKing·03-07TOPNice, i think the probablity of market become positive for 2024 is high. Hopefully no special event like unknown virus spreading globally. Wishing for world peace too.1Report