The major Asian stock markets had a green day today:
The major Asian currency markets had a green day today:
Some economic news from last night:
Westpac Consumer Sentiment (Q1) increased from 75.6 to 77.7
The major Europe stock markets had a green day:
The major Europe currency markets had a green day today:
Some economic news from Europe today:
CPI (YoY) (Feb) increased from 10.1% to 10.4%
CPI (MoM) (Feb) increased from -0.6% to 1.1%
PPI Input (MoM) (Feb) decreased from 0.4% to -0.1%
CBI Industrial Trends Orders (Mar) decreased from -16 to -20
The Federal Open Market Committee voted unanimously to raise rates by 25 bps to a target range between 4.75%-5%. “The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time,” the report stated. Absent from this statement is the previously mentioned “ongoing increases,” which has led some to believe that the Fed may begin to pump the breaks on rate hikes. There was widespread speculation on how the Fed would act in the face of recent bank failures, with some, such as Goldman Sachs, predicting that the central bank would not raise rates at all. Fed Chair Jerome Powell said that America’s banking system remains “sound and resilient” but acknowledged that some conditions would change. “Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks.”
US Market Closings:
Canada Market Closings:
Brazil Market Closing:
The oil markets had a mixed day today:
The above data was collected around 13:30 EST on Wednesday
The above data was collected around 13:36 EST Wednesday.
Japan 0.327% (+9bp), US 2’s 4.15% (-0.030%), US 10’s 3.5449% (-6.11bps); US 30’s 3.68% (-0.054%), Bunds 2.317% (+3.9bp), France 2.834% (+2.5bp), Italy 4.155% (+4.4bp), Turkey 11.86% (+5bp), Greece 4.229% (+1.8bp), Portugal 3.211% (+6.7bp); Spain 3.359% (+3.4bp) and UK Gilts 3.437% (+6.8bp).
The post Market Talk – March 22, 2023 first appeared on Armstrong Economics.