Weekend Update 11/16/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Powell spooked investors that #RateCuts may take longer than hoped.
🤔 In-line, but sticky. Both the October CPI and PPI #Inflation growth came in-line with expectations. However, it continues to remain sticky with both core metrics stuck higher than the Fed’s annual 2% target rate.
🦅 Hawkish Powell? In a speech, Fed chair Powell noted the economy “is not sending any signals that we need to be in a hurry to lower rates”. Markets took the commentary to be a bit hawkish and started lowering expectations for #RateCuts.
📉 Market pullback. After the post-election rally, markets had been trading pretty cautiously to start the week. However, the floor gave out after Powell’s hawkish comments on #RateCuts. The S&P 500 ends down -2% for the week.
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