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Fed Chair Jerome Powell characterized Bitcoin as a competitor to gold rather than the US dollar, noting its speculative nature and volatility. He emphasized the Federal Reserve's observational role regarding digital assets and indicated a cautious approach to potential interest rate cuts, with a 75% chance of a 25 basis point reduction at the December meeting. Powell expressed confidence in the economy's strength, despite slightly higher-than-expected inflation.
Ethereum is approaching the $4,000 mark, driven by hopes for a crypto-friendly administration under Donald Trump, who promises deregulation and aims to make the U.S. the "crypto capital." Investors are also focused on upcoming labor market data, anticipating a potential Federal Reserve rate cut, with a 75.5% chance of a 25 basis point reduction at the December meeting.
Treasury yields dipped slightly on a holiday-shortened trading day, with the 10-year yield at 4.22% and the 2-year steady at 4.208%. The Federal Reserve's recent data indicated inflation at 2.3% and a tightening labor market, while markets anticipate a 66.3% chance of a rate cut in December amid concerns over potential tariff hikes from President-elect Trump.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the decline as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following strong inflation data. The S&P 500 dropped 22.85 points to 5,998.78, while the Nasdaq Composite lost 113.80 points, ending at 19,061.78. Despite solid consumer spending in October, inflation progress seems stalled, prompting traders to bet on a 25 basis point rate cut in December, but expect rates to remain unchanged in January and March. Investors are also assessing the implications of President-elect Donald Trump's recent trade pledges, which include imposing significant duties on imports from Mexico, Canada, and China.
U.S. Treasury yields fell as investors awaited key inflation data, with the 10-year yield down to 4.2673% and the 2-year yield at 4.2210%. The October personal spending and income report, including the Fed's preferred inflation gauge, is set for release at 10 a.m. ET, with economists predicting a 2.8% year-over-year increase for the core reading. Meanwhile, traders see a 66% chance of a quarter-point rate cut in December, as Fed officials express confidence in easing inflation and gradual policy adjustments.
Silver prices are struggling to hold the crucial 30-dollar mark as investors await insights from the upcoming Fed minutes, which may influence monetary policy. Meanwhile, President-elect Trump’s tariff announcements against Canada, Mexico, and China add to market uncertainty, potentially impacting global economic stability. Key US economic data, including the PCE core deflator and durable goods orders, will also be closely monitored for further market direction.
The 10-year U.S. Treasury yield rose to 4.291% as investors awaited the release of Federal Reserve meeting minutes and key economic data. With a 56% chance of further rate cuts anticipated, attention is also on the upcoming personal consumption expenditures price index, the Fed's preferred inflation measure. Additionally, President-elect Donald Trump's selection of Scott Bessent as Treasury secretary has eased concerns about economic stability.
Gold prices fell 3.44% to $2,616.80 per ounce as optimism surrounding President-elect Trump's Treasury pick and a potential Israel-Hezbollah ceasefire diminished the metal's safe-haven appeal. The market anticipates a shift in U.S. monetary policy, with a reduced likelihood of a rate cut in December, while a stronger dollar further pressures gold. Analysts predict continued volatility in gold prices amid the transition to the Trump administration and its economic policies.
After a volatile start to the week, commodity markets closed higher as traders responded to geopolitical risks and economic data. The US economy showed resilience with a Composite PMI of 55.3, while the Eurozone's slipped to 48.1, leading to a decline in the euro. Diverging views among Federal Reserve officials have left markets uncertain about potential rate cuts in December.
Gold prices have surged above $2,700, driven by escalating geopolitical risks, particularly following President Putin's new nuclear doctrine and military actions in Ukraine. Additionally, a weak Philly Fed index has sparked speculation about potential interest rate cuts in the U.S., further boosting gold's appeal. The sustained rise above this key level is crucial for confirming an upward trend, with the record high of around $2,790 potentially within reach.
CME Group Inc.
Companies
| Symbol | CME |
| Name | CME Group Inc. |
| Currency | USD |
| Sector | Financials |
| IndustryGroup | Diversified Financials |
| Industry | Capital Markets |
| Market | NASDAQ Global Select |
| Country | United States |
| State | IL |
| City | Chicago |
| Zipcode | 60606 |
| Website | http://www.cmegroup.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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