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[Platinum Market Updates] (1.30.23) This weeks earnings/ Fed FOMC
[Platinum Market Updates] (1.30.23) This weeks earnings/ Fed FOMC
August 21, 2023
Good morning!
Stock futures for the DJIA lost 0.7% on Monday, while those linked to the S&P 500 and Nasdaq were down 1% and 1.3%, respectively, braced for a busy week of earnings and interest rate decisions from major central banks.
So far, the fourth-quarter earnings season has painted a mixed picture of the health of the US economy, with all eyes now turning to heavyweight growth companies, including Apple, Amazon.com, and Alphabet, that are due to report quarterly earnings on Thursday.
On the policy side, the Federal Reserve will likely slow down the pace of tightening at the end of its two-day policy meeting on Wednesday, delivering a 25-bps hike amid mounting evidence that inflation in the US has begun to ease.
The yield on the US 10-year Treasury note, seen as a proxy for global borrowing costs, consolidated above 3.5% as investors reassessed the Federal Reserve’s plans for rate hikes and the potential impact on the economy.
The US GDP expanded by 2.9% in the last quarter of 2022, beating market expectations of a 2.6% advance, underscoring the economy’s resilience, and adding leeway for the Federal Reserve to extend its hawkish momentum.
Have a Great Day! This information is provided for educational purposes only and is not a recommendation to buy or sell a security.
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