Feb 2023 CPI at 6%! Bank Stocks & Mkt Rally on 14 Mar 2023?
US Consumer Price Index - Feb 2023
US’s Feb 2023 Consumer Price Index (CPI) data has just been announced. It was a “surprising” 6%.
Will this information be music to The Fed’s ears as they prep for the FOMC meeting slated to begin Mar 21-22 ?
More importantly, what effect will this piece of “good” news have when the US market begins trading in less than 30 minutes time; after yesterday’s continual fallout from last week’s bank-run inclident.
The Silicon Valley Bank (SVB) saga continued to take its toll on the US market on Mon (13 Mar); albeit a milder stance as the FDIC made good its promise to ensure depositors were able to withdraw their deposits.
By The Time Market Called It A Day :
DJIA : -0.28% (-90.50 to 31,819.14).
S&P 500 : -0.15% (-5.83 to 3,855.76).
Nasdaq : -0.45% (+49.95 to 11,188.84).
It is relatively safe to assume that the firm action plan put in placed jointly by FDIC & The Fed and approved by US Treasury Department has managed to plug the bank-run.
Additionally, taking a leaf from the stock exchanges across Europe :
US market futures indicators are predicting that as well :
With the banking saga almost behind us, it is time to take a look at Bank stocks again if you have not already done so yesterday as per my post.
Stocks like $JPMorgan Chase(JPM)$ ; $Morgan Stanley(MS)$ ; $Goldman Sachs(GS)$ ; $Citigroup(C)$ and last but not least $Wells Fargo & Co.(WFCNP)$ .
Extracts of Top 10 US Banks
Quick look at the Banks stocks and all are above its ytd’s closing with gains hoovering between +1.30% to +5.34%.
Will Feb 2023’s CPI index be able to fuel US market to a rousing close on Tue 14 Mar 2023, snapping a 5 days slide (sincelast week); barring any unforeseen circumstances ?
Do you think the US market will stage a well-deserve recorvery today ?
Do you think the Feb CPI index will be able to influence The Fed in their FOMC meeting next week ?
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