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Stay in Vogue: Follow the Trend
Danny Riley
March 08, 2024
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Our View
As always, the Fed did a Switch-A-Rooney.
On the second day of his testimony; Powell said the central bank is "not far" from being able to cut interest rates, and repeated his view that the Fed is looking for greater confidence that inflation is nearing its 2% target.
After a big pump higher Wednesday, the ES rose to its 16th record close of the year while European Central Bank President Christine Lagarde signaled officials would likely wait until June to be confident enough to start cutting rates. The Nasdaq led the gains, rising 1.18%, while the ES 500 rose 0.84%, the YM rose about 133 points or 0.29%, Bitcoin traded above $67,000, gold extended its climb to another record, and the10-year note yield settled at 4.09%, it's lowest level in more than a month. All I have to say is all the markets are moving.