Jackson Hole Symposium kicks off today, Powell tomorrow (Il Sole 24 Ore Radiocor) – New York, August 22 – Yesterday, Wall Street was up after the minutes of the last Federal Reserve meeting revealed that a cut in interest rates in September would be “very likely”. At the moment, according to the FedWatch Tool by Cme Group, there is a 100% chance of a cut of at least 25 basis points on September 18, with a 30.5% chance of a cut of 50 basis points. Yesterday, the number of jobs created in the twelve months ending in March was revised significantly downward: the US economy created 818,000 fewer jobs than previously reported, according to the report published by the Bureau of Labor Statistics of the Department of Labor. Employment thus grew by almost 30% less than the 2.9 million units initially reported between April 2023 and March 2024. This downward revision further strengthens the view that the Fed will proceed soon with interest rate cuts. In this sense, there is anticipation for tomorrow, when the chairman of the Federal Reserve, Jerome Powell, will speak at the Jackson Hole symposium (in Italy it will be 4 p.m.), which begins today.
The Dow Jones closed up 54.99 points (+0.13%), the S&P 500 gained 23.71 points (+0.42%), the Nasdaq ended up 102.05 points (+0.57%). Wti oil on the Nymex reversed course after the US employment data and lost $1.24, 1.69%, closing at $71.93 a barrel, its lowest since January. After two consecutive record closes, gold lost $2.90, 0.12%, closing at $2,508.40 an ounce. Bond yields continued to decline, with the 10-year losing more than 5 basis points to 3.765%. Euro up 0.20% to $1.1153. Bitcoin up 3.10% to $61,343.
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(RADIOCOR) 22-08-24 08:00:08 (0074)ENE 5 NNNN