US Federal Reserve Surprise Markets with Interest Rate Cut Announcement: Fed Member’s Remarks and Market Response

© Reuters – Fed member Harker said in a series of remarks ahead of the most important announcement tomorrow, Friday:

  • I don’t expect a recession this year
  • If we see a strong deterioration in the labor market report tomorrow, that would be a cause for concern
  • It’s time to pause the interest hike next meeting
  • If a recession hits, a cut will be needed
  • Today’s consumption report from retailers shows a decline in US consumer spending
  • Let’s skip the next meeting and see what happens

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Markets after the remarks

  • It is declining strongly due to the lack of confidence in the rate hike process, and recording a decline of 0.71%, while reaching a price of 103.480.
  • The price rose by 0.66%, to record $1.955 an ounce. And the price recorded an increase of 0.76% to the price of $ 1,977 an ounce.
  • The American price records an increase of 3.79% to the price of $70.69 per barrel, while it records an increase of 3.13% to the price of $74.89 per barrel.
  • It rises by 0.54%, to reach 178.50 points, while it rises by 0.92%, and Nasdaq leads gains by 1.20%.

2023-06-01 17:31:00
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