ASX 200 to fall, Fed Chair Powell says the next move is "unlikely" to be a hike

LiveWire05-02

ASX 200 futures are trading 5 points lower, as of 8:20 am AEST. The money line from this morning's Federal Reserve post-meeting press conference, one where it held rates steady unanimously, is this: ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX 200 to fall, Fed Chair Powell says the next move is \"unlikely\" to be a hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-02 06:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/asx-200-to-fall-fed-chair-powell-says-the-next-move-is-unlikely-to-be-a-hike><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ASX 200 futures are trading 5 points lower, as of 8:20 am AEST.\n\nThe money line from this morning's Federal Reserve post-meeting press conference, one where it held rates steady unanimously, is this:\n...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/asx-200-to-fall-fed-chair-powell-says-the-next-move-is-unlikely-to-be-a-hike\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BOQ.AU","symbol_name":"BANK OF QUEENSLAND LTD","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/asx-200-to-fall-fed-chair-powell-says-the-next-move-is-unlikely-to-be-a-hike","article_id":"2432037657","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/asx-200-to-fall-fed-chair-powell-says-the-next-move-is-unlikely-to-be-a-hike","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2432037657","pubTimestamp":1714602602,"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"ASX 200 futures are trading 5 points lower, as of 8:20 am AEST.The money line from this morning's Federal Reserve post-meeting press conference, one where it held rates steady unanimously, is this:. \"So far this year, the data have not given us that greater confidence in particular. It is likely that gaining such greater confidence will take longer than previously expected.\". Fed Chair Jerome Powell also flat out said that he thinks it's \"unlikely\" the next rate move will be a hike. That gave stock and bond markets a chance for a relief rally. But as we've also learned in recent times, talking about rate cuts too early and when you're not fully ready to pivot does have its consequences.US stocks close mostly lower after Fed cites lack of progress on inflation, Dow up 0.2%, S&P 500 and Nasdaq down 0.3% each. So far... 77% of S&P 500 companies that have reported earnings have beaten expectations. This is in-line with the 5-year average and above the 10-year average of 74%.","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BOQ.AU":"BANK OF QUEENSLAND LTD","ACQ.AU":"ACORN CAPITAL INVESTMENT FUN",".SPX":"S&P 500 Index","OEX":"标普100","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","SSO":"两倍做多标普500ETF","BK4504":"桥水持仓","WAT.AU":"WATERCO LIMITED","SDS":"两倍做空标普500ETF","BK7118":"消闲用品","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","SH":"标普500反向ETF","VOO":"Vanguard标普500ETF","IVV":"标普500指数ETF","BK4121":"生命科学工具和服务","BK4559":"巴菲特持仓","WAR.AU":"WAM STRATEGIC VALUE LTD","BK4550":"红杉资本持仓","BK4588":"碎股","SPXU":"三倍做空标普500ETF","WAT":"沃特世","OEF":"标普100指数ETF-iShares","BK7139":"区域性银行","SPY":"标普500ETF","UPRO":"三倍做多标普500ETF","BK4581":"高盛持仓","BK4096":"电气部件与设备"},"translate_title":"ASX 200指数下跌，美联储主席鲍威尔表示下一步“不太可能”是加息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ACQ.AU":1,"WAT.AU":1,"WAT":1,"WAR.AU":1,"BOQ.AU":1,"VOO":0.62,"SPY":0.62,"OEF":0.6,".SPX":0.6,"UPRO":0.6,"SSO":0.6,"SPXU":0.6,"SH":0.6,"SDS":0.6,"OEX":0.6,"IVV":0.6,"ESmain":0.6},"content_text":"ASX 200 futures are trading 5 points lower, as of 8:20 am AEST.\n\nThe money line from this morning's Federal Reserve post-meeting press conference, one where it held rates steady unanimously, is this:\n\"So far this year, the data have not given us that greater confidence in particular. It is likely that gaining such greater confidence will take longer than previously expected.\"\nFed Chair Jerome Powell also flat out said that he thinks it's \"unlikely\" the next rate move will be a hike. That gave stock and bond markets a chance for a relief rally. But as we've also learned in recent times, talking about rate cuts too early and when you're not fully ready to pivot does have its consequences.\nLet's dive in.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nS&P 500 SESSION CHART\n\n\n\n\n\n\n\n\n\nSpot when Chairman Powell started speaking. (Source: TradingView)\n\nOVERNIGHT MARKETS\n\nFed’s Powell says interest rates high enough to slow inflation, calls rate hike ‘unlikely’ (More on this below)\nUS stocks close mostly lower after Fed cites lack of progress on inflation, Dow up 0.2%, S&P 500 and Nasdaq down 0.3% each\nFed Chair Powell details two potential economic paths that could lead to rate cuts\nCantor Fitzgerald’s Howard Lutnick says Fed will ‘show off’ with one rate cut in September\nSo far... 77% of S&P 500 companies that have reported earnings have beaten expectations. This is in-line with the 5-year average and above the 10-year average of 74%.\nUK’s FTSE 100 ends session lower with most Europe markets closed\nGold prices turn slightly higher after Federal Reserve holds interest rates steady\nOil falls for a third day as U.S. crude inventories swell\nYen Surges 3% in minutes as traders speculate about intervention\n\nINTERNATIONAL STOCKS\n\nQualcomm’s stock rises after earnings show traction with on-device AI\nEtsy shares plunge on decline in gross merchandise sales\nDoorDash loses more than expected, but sales top expectations\nZillow forecasts slower second quarter, amid caution among first-time buyers and agents\nGoogle lays off hundreds of ‘Core’ employees, moves some positions to India and Mexico\n\nECONOMY\n\nUS private payrolls increased by 192,000 in April, more than expected for resilient labour market\nChina's Xi resistant to deeper economic reform as pressure piles on for Beijing to find new growth model\nUS consumers becoming more cautious around spending according to Citi CEO\nJapan April manufacturing PMI revised lower, remains in contraction\nPMIs show UK factories slip back into downturn on rising cost pressures\nAustralia's April PMI improves for third consecutive month\nSouth Korea exports boosted by chip surge, autos rise to record high\n\nFEDERAL RESERVE MEETING\n\nThe benchmark Fed Funds rate range of 5.25% to 5.5% has been left unchanged in a unanimous decision. It's been there since July 2023\nThe press conference was far less hawkish than what markets were fearing and bracing for.\nPowell: \"I think it’s unlikely that the next policy rate move will be a hike.\"\nBut he also said that there needs to be more persuasive evidence before making the first cut - or as he put it:\n\"3% can't be in a sentence with satisfied\" (The Fed's inflation goal is a hard 2%)\nAdding to the \"higher for longer\" thesis was this line: \"If higher inflation does persist, we can maintain the current level of restriction for as long as needed....given the strength in the labour market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.\"\nAnd finally, on political influence: \"We're always going to do what we think the right thing for the economy is.\"\n\n\n\n\n\n\n\n\n\n\n\n\nKey Events\n\nCompanies trading ex-dividend: \n\nThu 2 May: WAM Strategic Value (WAR) – $0.022, Waterco (WAT) – $0.07, Acorn Capital (ACQ) – $0.028, Bank of Queensland (BOQ) – $0.17\nFri 3 May: None\n\nEconomic calendar (AEST):\n\n9:50am – JPY – Monetary policy meeting minutes\n11:30am – AUD – Building approvals, good trade balance\nFrom 5:30pm – EUR – Italian, German, French manufacturing PMIs\n10:30pm – USD – Unemployment claims, non-farm productivity, trade balance\n\nThis Morning Wrap was written by Hans Lee and Chris Conway.\n\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432037657"}