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Goldman Sachs has revised its inflation outlook, predicting the core PCE index will rise to 3.5% this year, and anticipates three interest rate cuts by the Federal Reserve in the latter half of 2024. This forecast could positively impact the crypto market, as historically, rate cuts have boosted risk assets like cryptocurrencies. Currently, Bitcoin is down 1.81% to $81,985, with major tokens like XRP and Cardano's ADA experiencing losses exceeding 7%.
Goldman Sachs has revised its inflation outlook, predicting the core PCE index to rise to 3.5% this year, and anticipates three interest rate cuts by the Federal Reserve in the latter half of 2024. This bullish stance could positively impact the crypto market, as lower borrowing costs typically boost risk assets like cryptocurrencies. Currently, Bitcoin is down 1.81% to $81,985, with major tokens like XRP and Cardano's ADA experiencing significant losses.
The Dow Jones Industrial Average closed lower for the ninth consecutive session, marking its longest losing streak since 1978, as investors await the Federal Open Market Committee's interest rate decision. Despite a mixed economic outlook, a rate cut is expected, with a 95.4% probability of a 25 basis point reduction. Apple and Tesla stocks are on the rise, with Apple reclaiming its title as the world's largest company and Tesla experiencing significant gains post-election, driven by optimistic projections for future growth.
The S&P 500 and Nasdaq Composite reached new highs, while the Dow faced its eighth consecutive loss as investors await the Federal Open Market Committee's interest rate decision. Despite a positive trend in new highs, breadth data indicates underlying market weakness, with more decliners than advancers. Nvidia's stock correction continues, raising concerns about future sales, yet analysts remain optimistic about tech stocks' growth driven by the AI Revolution.
UBS forecasts the S&P 500 will reach 6,600 by the end of 2025, driven by an "over-easy" global central bank policy despite strong economic growth and high inflation. Chief investment officer Mark Haefele anticipates further interest rate cuts, supporting sustained economic growth in the U.S. while potential tariff threats loom over Asia and Europe.
Nick Timiraos
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