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  • Dec 19, 2024

Morning Bid: Seeking respite from Fed; PBOC set to hold the line

As the dust settles on a remarkable 24 hours of central bank activity, investors in Asia round off the last full trading week of the year hoping for some respite from the global market selloff sparked by the Fed's 'hawkish cut' on Wednesday. These nerves were partially soothed on Thursday by the Bank of England's surprisingly 'dovish hold' and the Bank of Japan's seeming ambivalence toward raising rates in January. But the genie of a 'higher for longer' Fed is out of the bottle.

  • Dec 19, 2024

Stocks end flat after Fed-induced selloff as early bounce fades

NEW YORK (Reuters) -U.S. stocks ended little changed on Thursday, giving up an initial rebound from a sharp drop in the prior session after the Federal Reserve forecast fewer-than-expected interest rate cuts and higher inflation next year. Economic data was in sync with the Fed's view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace. "It clearly sent a message that rates weren't going to keep going down if inflation didn't continue its decline, and we've seen inflation tick up a bit here, and that's a concern to the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

  • Dec 19, 2024

Why Bitcoin, Ethereum, and Dogecoin All Dropped Today

The crypto momentum we've seen all fall and early winter hit a big snag over the past 24 hours after the Federal Reserve cut interest rates. Bitcoin (CRYPTO: BTC) is the biggest loser, falling 6.2% in the past 24 hours as of 3 p.m. ET and dropping below the $100,000 level. As much as cryptocurrencies have been marketed as a way out from under the traditional financial ecosystem, the crypto market trades a lot like traditional risk assets like growth stocks.

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