Ian Reynolds
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Overnight
BoJ holds rates steady
"Under these circumstances, it is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices." - i.e we have no influence on financial markets anymore so we'll have to wait and see.
Bank of Japan Statement on Monetary Policy [BoJ]
EU CPI February 2025
Lower EU CPI is encouraging and there is scope for more rate cuts.
FED holds but cuts its growth forecast while raising its inflation outlook. That won't give markets much comfort.
Powell on at 57.22 mins
Bullets points
- Rates unchanged
- Slowing pace of unwind of balance sheet
- Inflation still moving towards 2%
- Moderation of consumer spending
- Heightened uncertainty of economic outlook
- Broadly in balance
He says the T word at 1.47.45
Breaking
Bitcoin
Bitcoin breaks higher but there's a lot of chop to get through. A confirmed close above 92,000 swings bullish and all the talking heads will revert to 4 year cycle, having dismissed it as over in the last week.
BITCOIN / USD Daily
Precious Metals
Time to take profit on Gold or short for swing traders. HODLers won't get pushed out of this secular bull market.
GOLD / USD Daily
Foreign Exchange
USD continues to look weak and a further break down should test 99.80.
DXY Daily
Equities
Equity markets cheered the FED statement but not overly.
US Equities
Bonds
UST10 yield now in downtrend with lower lows and lower highs. Looking for big support just below 4%.
US 10 Year Government Bond Yield Daily
Interesting
German parliament passes debt rule reform, half-trillion euro fund [Reuters]
Economic Indicators Today
