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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed was a little too aggressive in easing 50bps, says Unlimited CEO Bob ElliottBob Elliott, Unlimited CEO, and Tony Roth, Wilmington Trust CIO, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Bob Elliott Bob Elliott, Tony Roth Organizations: Wilmington Trust Locations: Wilmington
JP Morgan: Expect BI to cut interest rate by 50bps by Q1 2025
  + stars: | 2024-10-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJP Morgan: Expect Bank Indonesia to cut interest rate by 50bps before the end of Q1 next yearJP Morgan's Henry Wibowo calls for targeted fiscal stimulus from Indonesian government to support lower- and middle-income households
Persons: JP Morgan, Morgan's Henry Wibowo Organizations: Expect Bank Locations: Expect Bank Indonesia
“Did the Fed even need to cut rates in September, let alone cut by 50bps (basis points)?” Seema Shah, chief global strategist at Principal Asset Management, wrote in a note on Friday. Second-guessing the Fed isn’t new, of course. Central bank officials themselves note the uncertainty inherent in their work, especially when the economy reaches inflection points. Even Fed officials don’t always agree with the central bank’s actions, such as Fed Governor Michelle Bowman, the lone dissenter to the Fed’s decision to cut rates by half a point in September. ‘This isn’t exact science’Fed officials aren’t shy about admitting that they don’t always have confidence in how the US economy will evolve.
Persons: Washington CNN —, Jerome Powell, Philipp Carlsson, Seema Shah, James Knightley, Powell, don’t, Michelle Bowman, wouldn’t, , ” Carlsson, Szlezak, , ” Gina Bolvin Organizations: Washington CNN, Federal Reserve, Boston Consulting, Asset Management, ING, Bolvin Wealth Management Locations: Wall, Washington
Barclays has identified a handful of European stocks poised to benefit from China's anticipated economic stimulus measures. Mainland Chinese stocks jumped on the news. The investment bank suggested that China's current economic climate resembles April 2024, when Chinese and China-exposed stocks experienced a significant rally. According to Barclays, U.K.-headquartered insurer Prudential , cosmetics giant L'Oreal , carmakers BMW and Mercedes , and miner Rio Tinto are among the top European stocks that could benefit from China's stimulus efforts. China's recent economic challenges have been evident, with the country experiencing its longest period of deflation since 1999.
Persons: Anshul Gupta, Larry Hu, Hu, — CNBC's Michael Bloom, Evelyn Cheng Organizations: Barclays, People's Bank of China, Prudential, L'Oreal, carmakers BMW, Mercedes, Rio Tinto, U.S, Prudential plc, Macquarie Locations: China, Rio, China's
In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year. "It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote. AdvertisementHowever, consumption and business spending data have been strong in recent months. If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said. AdvertisementThe outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes.
Persons: , Torsten Slok, Slok, Freddie Mac, David Rosenberg, who's Organizations: Service, Apollo Global Management, Business, Bureau of Labor Statistics, Challenger, IRA, Atlanta Fed Locations: Atlanta
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's 50bps cut may send wrong message to equity markets, says JPMorgan's David KellyDavid Kelly, JPMorgan Asset Management chief global strategist; Claudia Sahm, New Century chief economist; and Jim Caron, CIO of cross-asset solutions at Morgan Stanley Investment Management, join CNBC's 'Power Lunch' to break down the Fed's decision to cut interest rates by 50 basis points and what it means for markets.
Persons: JPMorgan's David Kelly David Kelly, Claudia Sahm, Jim Caron Organizations: JPMorgan Asset Management, Claudia Sahm , New, Morgan Stanley Investment Management Locations: Claudia Sahm ,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market did not like this move, Fed gave 'really weird message', says Jefferies' David ZervosBarbara Doran, BD8 Capital Partners CEO, and Davis Zervos, Jefferies chief market strategist, joins 'Closing Bell Overtime' to talk the Federal Reserve's 50bps rate cut and the day's market action.
Persons: Jefferies, David Zervos Barbara Doran, Davis Zervos Organizations: Fed, BD8 Capital Partners, Jefferies
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell gave 'good explanation' for 50bps cut, says Fmr. Boston Fed President Eric RosengrenEric Rosengren, Former Boston Fed President, joins 'Closing Bell Overtime' to talk today's Federal Reserve decision to cut interest rates by half a point for the first time since 2020.
Persons: Powell, Eric Rosengren Eric Rosengren Organizations: Boston Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Jerome Powell delivers opening remarks following decision to cut rates by 50bpsFederal Reserve Chairman Jerome Powell delivers remarks following the Federal Reserve's two-day policy meeting on Wednesday, where central bank policymakers trimmed interest rates by 50 basis points, marking their first cut in four years.
Persons: Jerome Powell Organizations: 50bps Federal, Federal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email50bps cut leaves room to 'apply the brakes' if necessary, says The Wall Street Journal's Greg IpGreg Ip, The Wall Street Journal’s chief economics commentator and deputy economics editor, joins ‘The Exchange’ to discuss how he would approach rate cuts, the state of the economy, and more.
Persons: Greg Ip Greg Ip
Traders across Wall Street expect the Fed to lower rates, ending the tightening cycle that began in March 2022. That said, investors aren't sure how big the rate reduction will be. To be sure, it closed more than 30 points below the closing all-time high of 5,634.58 set in July. We tend to agree with that, but also think the setup for a 'false breakout' remains high," wrote Krinsky. Elsewhere on Wall Street this morning , Barclays upgraded VF Corp to overweight from equal weight.
Persons: Chris Murphy, Susquehanna, Jonathan Krinsky, It's, Adrienne Yih Organizations: Federal, Traders, Barclays, Corp
US indexes edged higher as investors waited for a likely interest rate cut from the Fed. AdvertisementUS stocks rose on Wednesday as traders readied for what's likely to be the Federal Reserves's first rate cut in four years. "Though consensus is leaning toward a 50 basis point move, we look for the Fed to cut by 25 basis points today. AdvertisementFollowing the interest rate decision, all eyes will be on Fed Chair Jerome Powell, who will deliver prepared remarks during a press conference. "While the market has usually bounced immediately following the 2 PM rate decision, the sell-off usually starts at or near the end of Powell's post-FOMC press conference."
Persons: Jerome Powell's, , John Lynch, José Torres, Jerome Powell, Powell, shouldn't Organizations: Fed, Traders, Service, Federal, Comerica Wealth Management, Interactive, Deutsche Bank, Investment
Dollar pinned down by 50 bp Fed cut bets
  + stars: | 2024-09-17 | by ( ) www.cnbc.com   time to read: +2 min
The dollar traded near its lowest levels of the year on Tuesday, on the eve of the expected the start to a U.S. easing cycle that markets are betting may begin with an outsized rate cut. The euro rallied overnight to $1.1138 and traded around there early in the Asia session, not far from the year's high against the dollar of $1.1201. Fed funds futures rallied on Monday to push the chance of a 50 basis point rate cut to 67%, against 30% a week ago. "That's because the contrast between central bank outlooks will remain starkest between the Fed and the BoJ, for the time being." The U.S. dollar index weakened 0.4% overnight to 100.7, not far from its 2024 low made last month at 100.51.
Persons: Sterling — Organizations: Macquarie, Fed, Bank of, The Bank of England, New, U.S Locations: U.S, Asia, Tokyo, Bank of Japan, New Zealand
The rise comes amid anticipation that the Fed will deliver a half-point rate cut. Investors are anticipating the Federal Reserve's long-awaited rate cut tomorrow, which will be announced at the end of the central bank's two-day policy meeting. Regardless of the size of the cut, investors buying up bitcoin are anticipating the looser lending conditions will lead to more speculative behavior. We could be seeing a recovery of investors' appetite for risk-on assets like crypto, instigating more flows into Bitcoin spot ETFs," said Leena ElDeeb, a research analyst at 21Shares. Seasonal factors weakened the spot bitcoin ETF inflows this summer while deteriorating macro conditions drove investors toward safe, risk-off assets.
Persons: , Morgan Stanley, Tuesday's, Leena ElDeeb, Alex Kuptsikevich, Bill Dudley Organizations: Service, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are poised for a 50bps cut, but this is a 'much more cautious Fed', says Moody's Mark ZandiMark Zandi, Moody’s, joins 'Fast Money' to talk what he would like to see from the Federal Reserve moving forward.
Persons: Mark Zandi Mark Zandi Organizations: Markets, Federal Reserve
The S & P 500 is on the verge of something unexpected — especially for September. The broad market index entered the week less than 1% below a record last reached in July. Krinky isn't the only one on the Street treading carefully with the S & P 500 near record highs. "With the S & P 500 close to our YE 2024 price target again, we remain neutral on the S & P 500 for now," wrote Lori Calvasina, head of global equity research at RBC Capital Markets. "However, after a sharp move lower in 10-year yields, the earnings yield gap for the S & P 500 is starting to head in a more favorable direction for stocks," Calvasina added.
Persons: Jonathan Krinsky, BTIG, Krinsky, Lori Calvasina, Calvasina, Mark Mahaney Organizations: Traders, Federal, Market Committee, RBC Capital Markets, ISI, of Justice
Core inflation rose 0.3% in August, slightly above economists' expectations. Meanwhile, investors dashed their hopes for a 50 basis point rate cut from the Fed next week. AdvertisementUS stocks traded mixed on Wednesday as investors took in last month's inflation report, which showed an unexpected increase in the monthly core consumer price index. Bond yields rose as traders readjusted expectations for a jumbo rate hike of 50 basis points at next week's Federal Open Market Committee meeting. AdvertisementThe surprise increase led investors to almost completely discount the possibility of a 50 basis point rate cut at the Fed's next policy meeting.
Persons: , Josh Jamner, Jack McIntyre Organizations: Fed, Service, Dow Jones, ClearBridge Investments, Brandywine Global Locations: Here's
Dollar tenses for data verdict on rate cut risks
  + stars: | 2024-08-13 | by ( ) www.cnbc.com   time to read: +2 min
The greenback was idling at 147.17 yen , having briefly touched a one-week high of 148.23 overnight before profit-taking emerged. More important will be the consumer price report and retail sales for July which could have a material impact on whether the Fed eases by 25 basis points or 50 basis points in September. The former outcome would likely lift Treasury yields and support the dollar, while the latter would have the opposite effect. The futures market clearly still sees recession as a risk with 101 basis points of Fed easing priced in by Christmas, and more than 120 basis points for next year. "Although the trend is moderating, inflation is too high for the Fed to justify the market pricing 100bp of rate cuts between September and year-end."
Organizations: Federal Reserve, JPMorgan, Swiss, Atlanta Fed, ANZ
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed might be slightly behind, could jump in with a 50bps cut, says RockCreek's Afsaneh BeschlossAfsaneh Beschloss, RockCreek Group Founder & CEO, joins 'Closing Bell Overtime' to talk what's ahead for the markets, the economy and the impact of politics.
Persons: RockCreek's Organizations: RockCreek
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA September Fed cut of 50bps would be an overreaction, says Turtle Creek’s David SpikaCNBC’s Mike Santoli and Turtle Creek’s David Spika, joins 'Power Lunch' to discuss markets, the Fed and earnings.
Persons: David Spika, Mike Santoli
Yields and prices move in opposite directions and one basis point is equivalent to 0.01%. The 10-year Treasury yield was trading around 4.211% at 6:29 a.m. The 2-year Treasury note yield was down 1 basis point at 4.679%. U.S. Treasury yields fell again on Friday as data released this week pointed to easing inflation. Correction: A previous version misstated the magnitude of a decline in the 10-year Treasury note yield.
Persons: Henry Allen, — Jeff Cox Organizations: U.S, Treasury, Rabobank, Deutsche Bank, U.S . Federal, US, University of Michigan
Morning Bid: Rates buzz sustained before Fed loan data
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +5 min
A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.
Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat
The yen's key drivers are so weak the currency is comparable to the Turkish lira and Argentine peso, Deutsche Bank said. The country's balance of payments are also weak as the Bank of Japan has triggered capital flight. AdvertisementAdvertisementThe Japanese yen's fundamentals are so weak the currency is comparable to some of the world's worst performing tenders, a Deutsche Bank note said on Wednesday. "A simple glance of the yen's drivers - yields and external accounts - puts the Japanese yen in the same league as the Turkish lira and Argentine peso," George Saravelos, the bank's global head of foreign exchange research, wrote in the report. Intervention by the Bank of Japan in currency markets won't help the yen, and may actually backfire.
Persons: , George Saravelos, Saravelos Organizations: Argentine, Deutsche Bank, Bank of, Service, Bank of Japan Locations: Japan, Bank of Japan
Morning Bid: Markets juggle 5% yields and 150 yen
  + stars: | 2023-10-23 | by ( ) www.reuters.com   time to read: +5 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva
VIEW Bank of England raises rates for a 14th time
  + stars: | 2023-08-03 | by ( ) www.reuters.com   time to read: +7 min
The BoE raised interest rates by 25 basis points to 5.25% and said high inflation meant it was unlikely to stop raising rates any time soon. However, with Thursday's decision, traders began to price in a lower peak in UK rates. MONEY MARKETS: Interest-rate derivatives showed traders believe UK rates will peak around 5.67% by March, compared with an expected peak of 5.73% in the run-up to the decision. Rising interest rates means higher borrowing costs, which will lead to larger monthly mortgage payments for many homeowners." The Bank of England remains committed to bringing inflation down, unfortunately raising interest rates is one of the only tools the Bank can use to sap demand out of the economy."
Persons: BoE, Sterling, VIVEK PAUL, we’ll, STUART COLE, JEREMY BATSTONE, CARR, RAYMOND JAMES, MARCUS BROOKES, ” SEEMA SHAH, Rishi Sunak, GILES COGHLAN, THOMAS PUGH, JOHN LEIPER, Amanda Cooper, Samuel Indyk Organizations: Bank of England, FTSE, BLACKROCK, LONDON, TOM HOPKINS, Bank of, RSM, Bank, EMEA, Thomson Locations: LONDON, EUROPEAN, U.S
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