Market Talk – April 29, 2024
ASIA: The major Asian stock markets had a green day today: NIKKEI 225 closed Shanghai increased 24.41 points or 0.79% to 3,113.04 Hang Seng increased 95.76 points or 0.54% [...]
Fed Rates Up into 2024?
Federal Reserve Chairman Jerome Powell has made it clear that he sees higher interest rates ahead in his battle against inflation and their unrealistic 2% target. Many traders are now scrambling talking about how Powell said the Fed will probably raise rates more and possibly faster than previously anticipated. They are now taking that as a warning he may do a 50-bp hike this month. Our computer projected a Directional Change in 2022 and everything is on schedule for the rise into 2024.
Powell also restated his warnings to US banks about the risks of getting involved in the crypto industry. He expressed very clearly that lenders must take “great care” when engaging with cryptocurrencies. He added that the central bank didn’t want to prevent innovation, but it is not bullish on this industry and views it more like the DOT.COM Bubble.
The post Fed Rates Up into 2024? first appeared on Armstrong Economics.
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